Gems & Jewellery exports declined by 14.94 % in FY23-24

The country's export of Gems and Jewellery declined by 14.94% to US$32.02 billion in the financial year 2023-24, compared to US$ 37.6 billion in 2022-23. The Gem and Jewellery Export Promotion Council (GJEPC) released provisional data regarding the trade figure of the Gem and Jewellery sector for the financial year 2023-24.

Export Status of the Gem and Jewellery sector In 2023-24 

In the gem and jewellery sectors, the cut and polished diamond sector showed a negative growth rate in exports and imports. The export of gold jewellery, platinum jewellery, and coloured gemstones showed a positive growth rate.

Gems and Jewellery 

The total export of gem and jewellery in 2023-24 was Rs. 265187.95 crore, compared to Rs. 301925.97 crores, a decline of 12.17 %.

In terms of dollars, the total export of gems and jewellery in 2023-24 was US$32.02 billion , compared to US$37.64 billion in 2022-23, a decline of 14.94%.

Import 

The gross imports of gem and jewellery in 2023-24 was Rs.184355.48 crores compared to Rs 207356.14 crores in 2022-23., a decline of 11.09%.

In Dollar terms, the import was $22.26 billion in 2023-24, compared to $25.84 billion in 2022-23, a decline of 13.84%.

Cut and Polished Diamond 

Export 

The export of cut and polished diamonds in 2023-24 was $15.96 billion, compared to $22.04 billion in 2023-24, a decline of 27.58%.

In Rupee terms, the export was Rs.132128.29 crores in 2023-24 compared to Rs. 176716.06 crores in 2022-23, a decline of 25.23 %.

Import 

The gross Imports of cut and polished diamonds in 2023-24 were $1911.0 million compared to $1307.83 million in 2022-23, a growth of 46.12%.

In Rupee terms, the import was Rs 5842.22 crores in 2023-24 compared to Rs 15842.22 crores in 2022-23, a growth of 51.12 %.

Gold Jewellery 

The total export of gold jewellery in 2023-24 was $11140.780 million, compared to US$9538.84 million in 2022-23, a growth of 16.97%.

In Rupee terms, exports were Rs. 92346.19 crores in 2023-24 compared to Rs  76589.94 crores in 2022-23, a growth of 20.57%.

Silver Jewellery 

The total export of silver jewellery in 2023-24 was $1616.42 million, compared to $ 2939.9 million in 2022-23, a 45% decline.

In Rupee terms, the export was Rs 3406.1 crores, compared to Rs 23556.71 crores in 2022-23, a 43% decline.

Platinum Jewellery 

The export of platinum jewellery in 2023-24 was $ 163.48 million as compared to $ 29.75 million in 2022-23.a growth of  449.52%.

In Rupee terms, the exports in 2023-24 were Rs.1354.4 crores, compared to Rs 237.85 crores in 2022-23, a growth of 469.44%.

Coloured Gemstones 

The export of coloured gems in 2023-24 was $478.68 million as compared to $ 420.12 million  in 2022-23,a growth rate of 13.94%.

In Rupee terms, the export was Rs.3961.73 crores as compared to Rs. 3377.49 crores in 2022-23, a growth of 17.3%.

Reason for Decline in Export 

According to Vipul Shah, Chairman of GJEPC, there were many reasons for the fall in the export of gems and jewellery in 2023-24.

Decline in demand for key markets

West Asia and the United States account for around 35% of the Indian exports. 

The West Asian conflict (Israel war in Gaza, Houthis attack on ships in the Red Sea) has negatively affected Indian exports.

There has been weak demand in the United States market due to high inflation rates and the country's weak economic condition.

Disruption in the supply of raw diamond 

India imports raw diamonds mainly from Russia and then re-exports them as cut and polished diamonds. However, due to Western sanctions on Russia imposed after the Ukraine war, the supply from Russia has been disrupted. This has led to a shortage of raw diamonds, which has impacted the export of cut and polished diamonds from India. 

Increase in export of Gold Jewellery 

Gold jewellery has shown positive growth in the Gem and Jewellery sectors. 

One of the major reasons has been the free trade agreement with the United Arab Emirates (UAE) and Australia. 

Plain gold jewellery exports to the UAE grew by 107.2% to reach $4.5 billion in  2023-24. The UAE and Bahrain accounted for over 85% of India's plain gold jewellery exports.

Export of plain gold jewellery to Australia grew by 37%.

Gem and Jewellery Export Promotion Council (GJEPC)

The Gem and Jewellery Export Promotion Council (GJEPC) is a recognised export promotion council.

It was set up in 1966 to promote the export of the gem and jewellery sector.

It facilitates interaction between the government of India, the Ministry of Commerce and Industry and other trade-related government bodies to promote the trade of gems and jewellery in India.

Headquarters: Mumbai

Chairman: Vipul Shah