India’s plain gold jewellery exports grew by 61.72% in FY24: GJEPC

India’s total plain gold jewellery exports increased by 61.72% year on year in the 2024 financial year, boosted by numerous government foreign trade agreements. India’s gross coloured gemstone exports rose by 14% and platinum jewellery exports jumped 449.16% during the fiscal year.

“The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the government,” said the Gem and Jewellery Export Promotion Council’s chairman Vipul Shah, the GJEPC reported on its website. “The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand.”
 
From April 2023 to September 2023, India’s total gold jewellery exports declined by 10.47%. However, the second half of the financial year saw a recovery to achieve a growth rate of 46.91%.
 
“The year was a challenging year for exports, owing to the high interest costs, inflation and slackening of market demand in the USA and lower growth in China after Covid hit the gem and jewellery industry hard in first half of the year,” said Shah. “Also, the Ukraine war and uncertainty on import of rough diamonds from Russia worsened the scenario. With the objective to tap and penetrate new markets, GJEPC made concerted efforts to explore new markets through delegations to Vietnam, Cambodia etc and now a delegation to Latin American countries is planned in May to give fillip to exports.”