India’s export of plain gold jewellery witnessed a remarkable surge of 61.72% in the fiscal year 2023-24, reaching $6,792.24 million compared to $4,199.96 million in the preceding year, as reported by the Gem & Jewellery Export Promotion Council (GJEPC).
During the first half of the fiscal year, total gold jewellery exports, including both plain and studded varieties, experienced a decline of 10.47% between April 2023 and September 2023. However, the latter half of the year marked a robust rebound, achieving a growth rate of 46.91%. Overall, exports of total gold jewellery for FY23-24 recorded a significant increase of 16.75%.
Furthermore, the export landscape also saw positive growth in other sectors. Coloured gemstones witnessed a notable uptick, increasing by 14% to $478.71 million for FY23-24. Additionally, exports of platinum gold jewellery exhibited an impressive growth rate of 449.16%, amounting to $163.48 million.
Vipul Shah, Chairman of GJEPC, attributed the surge in plain gold jewellery exports to strategic foreign trade agreements by the government. He highlighted the timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which coincided with challenges faced by the industry such as economic downturns in major export markets and escalating geopolitical concerns, ultimately leading to a decline in demand.
Notably, the United Arab Emirates (UAE) emerged as a significant market for Indian plain gold jewellery exports, experiencing a remarkable growth rate of 107.2%. Exports to the UAE reached $4,528.66 million in FY23-24, compared to $2,185.67 million in the previous year. The markets of UAE and Bahrain jointly accounted for over 85% of India’s plain gold jewellery exports.
Furthermore, Australia also witnessed a substantial growth of 37% in plain gold jewellery exports, attributed to the India-Australia Economic Cooperation and Trade Agreement (ECTA).
The surge in plain gold jewellery exports reflects the resilience of India’s jewellery industry amidst challenging global economic conditions, bolstered by strategic trade agreements and emerging market opportunities.
