Plain Gold Shines Bright as Gem and Jewellery Exports See Mixed Results

MUMBAI, MAHARASHTRA : The export of plain gold jewellery continues its upward trajectory, registering a significant increase of 27.45% in April 2024. This surge, reaching USD 342.27 million, marks a positive trend for the Indian gem and jewellery industry, even as overall exports witnessed a decline.

While the total gems and jewellery exports dipped 11.37% compared to April 2023, there are promising signs.  The gross export of all gold jewellery (plain and studded combined) climbed 11.03%, reaching USD 718.34 million.

“Plain gold jewellery has shown remarkable growth in exports, especially since the UAE Comprehensive Economic Partnership Agreement (CEPA),” commented Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC).  “We are confident that this growth will continue with the benefits expected from the Free Trade Agreements signed with UAE, Australia, and the European Free Trade Association (EFTA).”

Shah attributes the success of plain gold to the CEPA and anticipates further growth in the coming years. He also expressed optimism about the future of diamond and silver jewellery exports.

GJEPC’s proactive approach includes a robust promotion plan to tap into new markets and collaborative efforts with the Natural Diamond Council (NDC) and the World Gold Council (WGC) for generic promotion of diamond and gold jewellery.

Diamonds and Silver See Mixed Performance

Despite the overall positive outlook for gold, there were some declines in other segments. Studded gold jewellery exports experienced a slight dip of 0.62% compared to April 2023. The gross export of cut and polished diamonds also saw a decrease of 16.76%.  Similarly, silver jewellery exports dropped by 32.98%.

However, there were bright spots outside of gold. The gross export of platinum jewellery skyrocketed by a staggering 281.1%.

The report also highlights a decrease in the exports of coloured gemstones and polished lab-grown diamonds by 35.39% and 18.2% respectively.

The Indian gem and jewellery industry presents a mixed picture with plain gold leading the charge. While some segments face challenges, GJEPC’s strategic initiatives and the potential of newly signed trade agreements promise a bright future for the industry as a whole.