GJ exports India witnessed the swift recovery!

Cut & Polished diamonds export grew 32% in February!

India’s gem and jewellery (GJ) exports witnessed a resurgence in February, buoyed by of both the Chinese and Middle East markets. In February 2023, the overall gem & jewellery exports witnessed a surge of 24% to Rs 28832.86 crores as compared to Rs 23326.80 crores for the same period last year.

In February 2023, the overall gross export of Cut & Polished diamonds witnessed a strong growth of 32% to Rs 19582.38 crores as compared to Rs 14841.90 crores in February 2022. For February 2023, the total gross export of Gold Jewellery (Plain & Studded) grew 29.89% to Rs 5829.65 crores as compared to Rs 4488.30 crores for the same period last year.  

Commenting on the surge in exports experienced during the month of February Vipul Shah, Chairman, GJEPC said, “GJEPC is excited about the strong pace of demand observed by Indian exhibitors at the recent Hong Kong show, which revealed the untapped demand in the Chinese market. 

In February 2023, India experienced a noteworthy 32 % surge in cut and polished diamond exports, which can be partly attributed to the strong demand from China and the Lunar New Year festivities.       

Additionally, thanks to the forward-thinking CEPA deal signed with the UAE, there was an equally impressive 45% increase in plain gold jewellery exports, indicating that the Middle East market is rebounding strongly after a slight dip. 

In February 2023, provisional gross export of Polished Lab-Grown Diamonds grew 18.23% to Rs 1117.10 crores as compared to Rs 944.84 crores for the same period last year. In February 2023, provisional gross export of coloured gemstones grew 116.14% to Rs 452.08 crores as compared to Rs 209.16 crores for the same period last year.       

In February 2023, provisional gross export of Silver Jewellery declined 42.89 % to Rs 1125.60 crores as compared to Rs 1970.82 crores for the same period last year. In February 2023, provisional gross export of Platinum Jewellery declined 37.63% to Rs8.70 crores as compared to Rs13.94 crores for same period last year. 

Furthermore, studded gold jewellery, which is primarily exported to the US, is also showing a promising improvement of around 20%.” Shah further added, “The Hong Kong market had experienced a negative trend in the last few months, but now we're seeing signs of a rebound. 

 This resurgence in Chinese consumption could potentially lead to even greater improvements.  

In China, the average savings rate is around 40%, which translates to trillions of dollars that could potentially be spent in a "revenge buying" frenzy, similar to what we've seen in other world markets after prolonged lockdown periods. As a result, we anticipate significant growth in the diamond and diamond jewelry industry over the next 6 months.” 

For February 2023, the total gross export of Plain Gold Jewellery surged 45.04% to Rs2604.14 crores as compared to Rs1795.51 crores for the same period last year. For the month of February 2023, the total gross export of all kinds of Studded Gold jewellery grew 19.78% to Rs3225.51 crores as compared to Rs2692.79 crores in February 2022.   

April 2022 – February 2023: 

For the cumulative fiscal year-to-date period of April 2022 – February 2023, the overall gross exports of gems & jewellery witnessed a growth of 5.27% to Rs278960.56 crores as compared to Rs 264994.83 crores for the same period last year.

For the period of April 2022 – February 2023, the overall gross exports of Cut & Polished diamonds (CPDs) declined 0.22% to Rs 163489.85 crores as compared to Rs163847.98 crores for the same period last year.                                                                                                                                                                  For the period of April 2022 to February 2023, the provisional gross export of total Gold Jewellery (plain & studded) grew 11.74% to Rs69866.48 crores as compared to Rs 62527.88 crores for the same period last year.                                                                                                                                                             For the period of April 2022 to February 2023, the provisional gross export of Plain Gold Jewellery grew 16.39% to Rs30417.83 crores as compared to Rs 26134.67 crores for the same period last year.   

For the period of April 2022 to February 2023, provisional gross exports of all kinds of Studded Gold jewellery surged 8.4% to Rs 39448.65 crores as compared to Rs 36393.21 crores for the same period last year. 

In the fiscal year-to-date, provisional gross export of Polished Lab-Grown Diamonds grew 43.93% to Rs 12549.34 crores as compared to Rs 8719.02 crores for the same period last year. During April 2022 to February 2023, provisional gross export of coloured gemstones jumped 48.62% to Rs3153.60 crores as compared to Rs2121.87 crores for the same period last year.  

From April 2022 to February 2023, provisional gross export of Silver Jewellery increased 26.29% to Rs 23139.14 crores as compared to Rs 18321.89 crores for the same period last year.   

For the period of April 2022 to February 2023, provisional gross export of Platinum Jewellery grew 15.83% to Rs226.98 crores as compared to Rs 195.96 crores for same period last year.