India’s Gem and Jewellery Exports: An Analysis
India’s gem and jewellery exports showed a significant increase in November, jumping 19.64% to reach $2.5 billion. This growth is a positive sign for the industry, driven primarily by rising demand in key markets like Hong Kong, China, and the Middle East. The overall export value for the year to date has remained steady, highlighting a resilient market.
Key Points
- November exports hit $2.5B, up 19.64% year-on-year.
- Total exports year-to-date are stable at $18.86B.
- Cut & polished diamonds surged to $919.74M in November.
- Lab-grown diamonds increased by 10.55% to $76.09M.
- Gold studded jewelry saw a strong rise due to job work.
- Silver jewelry exports recovered due to improved supply.
Specifically, cut and polished diamonds accounted for a substantial portion of the growth, increasing to $919.74 million compared to $666.34 million the previous year. This indicates a strong global demand for these high-value gemstones.
Polished lab-grown diamonds also experienced a notable rise of 10.55%, reaching $76.09 million. This growth is largely attributed to increasing consumer interest in these synthetic diamonds. The industry’s ability to adapt to changing consumer preferences is a crucial factor in its success.
However, gold jewellery exports remained flat at $1.21 billion, mirroring the previous year’s performance. This suggests a slower pace of growth in this segment, possibly due to fluctuating gold prices.
The recovery in silver jewellery exports, previously hampered by a shortage of bullion, is a welcome development. Shipments jumped to $197.97 million, indicating that supply chain issues have been largely resolved.
GJEPC Chairman Kirit Bhansali noted that stabilizing markets and growing demand in major export destinations are driving the overall positive trend. This strategic focus on key markets is essential for sustained growth.
Looking ahead, the industry anticipates continued stabilization and increased demand across various product categories.
Ultimately, India’s gem and jewellery sector is demonstrating its adaptability and potential for continued growth.
