Gem and Jewellery Exports Grow By 24 Percent to USD 3.52 Billion in February 2023-GJEPC

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Gem and Jewellery Exports Grow By 24 Percent to USD 3.52 Billion in February 2023-GJEPC
13 Mar 2023
6 min read

News Synopsis

News Synopsis for a Read on the move: According to the Gems and Jewellery Export Promotion Council (GJEPC), India's gem and jewellery exports have surged by 24% year-on-year to US$ 3.52 billion (Rs. 288.32 billion) in February 2023. The export of cut and polished diamonds has also increased significantly by 32% to US$ 2.38 billion (Rs. 195.82 billion) during the month, and simple and studded gold jewellery exports rose by 29.89% to US$ 710 million (Rs. 58.29 billion).

A Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE has led to a 45% increase in plain gold jewellery exports, while studded gold jewellery, mostly exported to the US, has shown an improvement of about 20%.

The total gross shipments of gems and jewellery have increased by 5.27% to US$ 34 billion (Rs. 2,789.60 billion) for the fiscal year-to-date, April 2022-February 2023.
This news is likely to be of interest to traders, manufacturers, and investors in the gem and jewellery industry, as well as economists and policy-makers tracking India's export performance.

News in Length: Gem and Jewellery Exports Grow By 24 Percent to USD 3.52 Billion in February 2023- GJEPC
India’s gem and jewellery industry has shown a remarkable growth of 24% year-on-year in February 2023, with exports worth US$ 3.52 billion (Rs. 288.32 billion), as reported by the Gems and Jewellery Export Promotion Council (GJEPC).
This impressive surge can be attributed to the rise in exports of cut and polished diamonds and simple and studded gold jewellery.

The cut and polished diamonds segment recorded a staggering growth of 32% to US$ 2.38 billion (Rs. 195.82 billion) in February. This increase in exports was mainly due to the rise in demand from major diamond-consuming countries like the US, Hong Kong, and China.
The Indian diamond industry is one of the largest in the world, and the growth in exports of cut and polished diamonds is a significant contribution to the country's economy.

The exports of simple and studded gold jewellery also witnessed a notable increase of 29.89% to US$ 710 million (Rs. 58.29 billion) in February. India has a rich heritage in gold jewellery making, and this sector has always been a major contributor to the country's exports.

The surge in gold jewellery exports can be attributed to the easing of pandemic restrictions in major markets like the US (United States of America) and the UK (United Kingdom) and the festive season demand in the Middle East.

India's gold jewellery exports also saw a substantial increase of 45% due to the Comprehensive Economic Partnership Agreement (CEPA) signed with the United Arab Emirates (UAE).
The agreement has enabled the Indian exporters to gain a competitive edge in the UAE market, which is the third-largest market for Indian gems and jewellery.

Furthermore, studded gold jewellery, which is primarily exported to the US, also exhibited an improvement of about 20% in February 2023. The US is one of the major markets for Indian gold jewellery, and the rise in demand has contributed to the growth of the sector.

The growth in the gem and jewellery sector is not limited to February alone. The total gross shipments of gems and jewellery have increased by 5.27% to US$ 34 billion (Rs. 2,789.60 billion) for the entire fiscal year-to-date, from April 2022 to February 2023.

This signifies that the sector has been performing well consistently throughout the year, and this trend is likely to continue in the future.

The Indian government has been supportive of the gem and jewellery industry, and various measures have been taken to promote the growth of the sector. The establishment of the Special Notified Zone (SNZ) for diamond trading, the reduction of import duties on precious metals, and the launch of the gold monetization scheme are some of the initiatives that have been taken to encourage the growth of the Indian Jewelry Sector.

Click Here to Read on more reports by the Gems and Jewellery Export Promotion Council (GJEPC)

News conclusion for the Growth Story on How  Indian Gem and Jewellery Exports Grew By 24 Percent to USD 3.52 Billion in February 2023 as stated by GJEPC: The Indian gem and jewellery industry has shown an impressive growth of 24% in February, and this growth can be attributed to the surge in exports of cut and polished diamonds and simple and studded gold jewellery. With the festive season approaching and the easing of pandemic restrictions in major markets, the sector is poised for continued growth in the future.

Important News and Blog Tags for Readers

gold jewellery exports of India

Gems and Jewellery Export Promotion Council

gold monetization scheme of Indian Government

cut and polished diamonds

studded gold jewellery

Comprehensive Economic Partnership Agreement

Indian gem and jewellery industry

Indian jewelry sector

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