GJ Town India

Indian Gems & Jewellery exports-Imports witnessed a contraction   According to data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery (GJ) Industry in India, the overall gross exports of Gems & Jewellery in July 2024, stood at USD 1665.4 million (Rs. 13922.03 crores) showing a decline of 23.28% compared to USD 2170.71 million (Rs. 17831.68 crores) for the same period last year.   The trend line for Indian gems & jewellery has been on a continuous downwards trajectory and this is majorly owing to the global unrest-induced dampening of consumer demand. With the looming uncertainty of unprecedented geo-political developments and its impact on global economy, consumer markets across the globe are taking cautious buying decisions.   In terms of the overall imports of Gems & Jewellery for July 2024, the sector has witnessed a decline of 16.59%, which stood at USD 1404.62 million (Rs. 11738.92 crores), a

Gold and silver's CPI soften over steady fed rate   At the juncture Colin Shah, MD, Kama Jewelry said, “The decision by the US Fed to keep the policy rate intact for the seventh consecutive time comes as per the industry expectations. Although the inflation has cooled down, it has still not come under the Fed’s expected range, thereby deferring the possibility of three rate cuts, which we could have possibly seen during this calendar year.   As per the forecast by Fed, it has hinted that it may start slashing rates from next year onwards wherein a rate cut of 100bps is in focus. However, we will have to wait and watch how the inflation numbers play out, which will further decide the possibility of rate cuts next year.   Gold prices saw some softness post Fed’s announcement in domestic market. Since Q2 of financial year is usually a dull phase due to monsoon and shraadh, we expect the prices to remain dampened during this period. Nevertheless, we hope for the demand to see a g

Silver Jewellery exports also grew 22.47% for April-May   India's gems and jewellery (GJ) sector continues to demonstrate resilience and growth, as highlighted by the latest export performance data for the period of April to May 2024. The overall gross exports of Gems & Jewellery during this period amounted to US$ 4691.58 million (Rs. 39123.07 crores), showcasing a commendable performance.   While this reflects a slight decline of 5.94% (-4.56% in Rs. term), the sector's ability to maintain such significant figures amidst global economic fluctuations underscores its stability and adaptability. In specific segments, while Cut & Polished Diamonds experienced a decline of 15.54% to US$ 2627.09 million (-14.32% to Rs. 21906.44 crores), other categories such as Gold Jewellery (Plain & Studded) and Silver Jewellery witnessed remarkable growth.   Commenting on the performance, Vipul Shah, Chairman, GJEPC said, "India's gems and jewellery sector has shown rem

Strived to educate jewellers to explore benefits under CEPA All India Gem & Jewellery Domestic Council (GJC) organised the first of its kind one-day seminar to educate Indian jewellers about the benefits in jewellery exports under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE). The seminar organised on Wednesday, 29th May 2024, at Hyatt Regency Dubai, and was attended by over 100+ jewellers from across India and prominent importers from the UAE.   India signed an exclusive CEPA agreement with the UAE in March 2022 to boost gems and jewellery exports at lower duty. As per the agreement, the import duty on jewellery exports to UAE from India has been reduced from 5 per cent to ‘nil’. There were four panel discussions organised during the seminar where panellists elaborated benefits of India’s gems and jewellery exports to the UAE, and the potential forward.   Nilesh Shobhawat, GJC NextGen Convener, delivered the welcome address and formall

  Jump high 27.45% reaching US$ 342.27mn in April   The export of plain gold jewellery continues to soar, marking a significant 27.45% increase, reaching USD 342.27 million in April 2024, compared to USD 268.56 million in the same month the previous year.   The overall exports of gems and jewellery declined 11.37% to USD 2074.85 million in April 2024, as compared to the same period the previous year. However, the total gross export of Gold Jewellery (both plain and studded) saw a promising 11.03% growth, reaching USD 718.34 million in April 2024 compared to USD 646.97 million in the same period the previous year.   Vipul Shah, Chairman of GJEPC, commented, “Plain gold jewellery has shown remarkable growth in exports, especially since the UAE Comprehensive Economic Partnership Agreement (CEPA). We are pleased that it continues to play a significant role in the gem and jewellery industry.  With the benefits expected from the Free Trade Agreement (FTA)’s signed with UAE, Australia,

Cut & Polished diamonds plunge 16.76% in April   According to the provisional statistics of GJEPC pertaining to export/import of Gem & Jewellery (GJ) for the period April 2024 - April 2024 as compared to same period last year.     The overall gross exports of Gems & Jewellery at US$ 2074.85 million (Rs. 17307.280 crores) in the month of April 2024 is showing a decline of 11.37% (-9.85% in Rs. term) as compared to US$ 2341.06 million (Rs. 19198.4 crores) for the same period previous year. The overall gross imports of Gems & Jewellery at US$ 1891.49 million (Rs. 15772.69 crores) in month of April 2024 is showing a growth of 3.95% (5.72% in Rs. term) as compared to US$ 1819.54 million (Rs. 14919.69 crores) for the same period previous year.    The overall gross export of Cut & Polished diamonds at US$ 1154.8 million (Rs. 9632.7 crores) in month of April2024 is showing a decline of 16.76%(-15.340% in Rs. Term) as compared to US$ 1387.38 million (Rs. 11378.15 crores)

  India’s C&P diamonds exports fall 27.93% in February   According to the available February 2024 statistics for Cut & Polished Diamonds exports & import of India say, that the import of Cut & Polished (C&P) diamonds enjoys a higher percentage over exports!    The overall gross export of Cut & Polished (C&P) diamonds at US$ 1707.44 million (Rs. 14162.59 crores) in month of February 2024 is showing a decline of 27.93%(-27.680% in Rs. Term) as compared to US$ 2369.1 million (Rs. 19582.38 crores) for the same period of previous year (YoY). The overall gross Imports of Cut & Polished diamonds at US$ 130.43 million (Rs. 1082.17 crores) in month of February 2024 is showing a growth of 70.62% (71.39% in Rs. term) as compared to US$ 76.44 million (Rs. 631.41 crores) for the same period of previous year.    The overall gross Imports of Cut & Polished diamonds in DTA at US$ 41.23 million (Rs. 342.1 crores) is showing a Growth of 12.12(12.69% Rs. term) as c

GJ export declines over 12% for February 2024! According to the sources, India’s Exim (Export-Import) for gem & jewellery tumbles equally over 15% for the period of April to February 2024. India’s overall gross exports of Gems & Jewellery (GJ) registered at US$ 3046.84 million (Rs. 25274.640 crores) in the month of February 2024 is showing a decline of 12.66%  (-12.34%in Rs. term) as compared to US$ 3488.51 million (Rs. 28832.86 crores) for the same period previous year.  The overall gross imports of Gems & Jewellery at US$ 2261.8 million (Rs. 18765.3 crores) in month of February 2024 is showing a growth of 1.12% (1.6% in Rs. term) as compared to US$ 2236.72 million (Rs. 18470.62 crores) for the same period previous year.  India’s overall gross exports for the period of April 2024 – February 2024, of Gems & Jewellery at US$ 29606.8 million (Rs.245132.66 crores) is showing a decline of 15.31% (-12.39% in Rs term) as compared to US$ 34958.91 million (Rs. 279806.68 crores)

H.E. Vipul, Inaugurates, GJEPC line-up of 17 exhibitors   The Doha Jewellery & Watches Exhibition (DJWE) is hosting a grand India Pavilion at its 20th edition, unveiling an extraordinary showcase of craftsmanship, tradition, and contemporary designs. The India Pavilion, spanning an impressive 216 square metres, features 17 exhibitors and 18 booths, presenting an unparalleled collection of Plain Gold, Studded Jewellery, and Diamond Studded Jewellery.    The 20th edition of the DJWE is being held at the Doha Exhibition & Convention Centre (DECC) from 5 - 11 February 2024.    H.E. Mr. Vipul, Ambassador of India to Qatar, said, “Our main job as the embassy is to promote Indian exports and facilitate trade between our two nations. As part of this effort, we actively promote Indian jewellery in Qatar. Doha Jewellery & Watches Exhibition (DJWE) represents a significant opportunity, and I am delighted to see the substantial Indian Pavilion present here.  Our close collaborati

The meet Interacted new emerging trends The Gem and Jewellery Export Promotion Council of India (GJEPC), the apex trade organization dedicated to promoting Indian gem and jewellery exports worldwide, organised the Gem and Jewellery Buyer Seller Meet (BSM) at ITC Grand Maratha, Andheri, Mumbai, on September 29th and 30th, 2023. This event is specifically designed to cater to international buyers from the U.S., the U.A.E., Egypt, Germany, Lebanon, Panama and Saudi Arabia, constituting a total of 30 buyers.  The Indian gem and jewellery manufacturers showcased an extensive array of offerings, which encompassed of finished diamond jewellery and loose diamonds among other products. The BSM hosted a diverse group, including top marquis, large chain retailers, wholesalers, importers, top designers, distributors, and retail jewelers from around the world. This event showcased a comprehensive view of the Indian jewellery industry, covering both the production and supply side, as well as consume

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.  I