India’s jewellery sector continues to dazzle the world with impressive growth in gold and silver jewellery exports from April to May 2024. Despite global economic ups and downs, the industry remains robust, showcasing the country’s rich heritage and skilled craftsmanship.
Shimmering Gold and Glittering Silver: India’s gold and silver jewellery exports have surged, demonstrating the enduring appeal of these precious metals:
- Plain Gold Jewellery exports skyrocketed by 30.66% to $653.71 million.
- Studded Gold Jewellery exports increased by 4.94% to $766.84 million.
- Silver Jewellery exports grew by 22.47% to $178.8 million.
Overall, the gems and jewellery sector exported $4691.58 million (Rs. 39123.07 crores) worth of products during this period. Although there was a slight dip of 5.94% compared to last year, the numbers reflect the sector’s stability and resilience.
A Testament to Indian Craftsmanship: Mr. Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), praised the sector’s performance:
“India’s gems and jewellery sector has shown remarkable resilience and adaptability despite global challenges. The growth in gold and silver jewellery highlights the enduring charm of Indian craftsmanship and design. We are committed to driving innovation and excellence to ensure continued growth.”
Golden Trends:
- The total export of gold jewellery saw a significant increase of 15.4% to $1420.550 million.
- Plain gold jewellery exports surged by 30.66%, reflecting a preference for timeless designs and purity.
- Studded gold jewellery exports grew by 4.94%, indicating sustained interest in intricate and embellished pieces.
Silver Shines Bright: Silver jewellery emerged as a standout, with a 22.47% growth, showcasing its versatility and affordability in the global market.
Platinum’s Rising Popularity: Platinum jewellery also gained traction, with exports growing by an impressive 72.94% to $25.48 million.
Challenges in Other Segments:
- Cut and Polished Diamonds saw a decline of 15.54% to $2627.09 million.
- Coloured Gemstones exports fell by 29.02% to $63.2 million.
- Polished Lab Grown Diamonds exports dropped by 15.5% to $204.17 million.
Future Outlook: As the industry navigates dynamic market conditions, the GJEPC remains optimistic. Leveraging India’s rich heritage and skilled workforce, the sector is poised to capitalize on emerging opportunities and continue its growth trajectory.
This stellar performance not only reflects the resilience of India’s jewellery sector but also its commitment to sustainable and innovative practices. With a glittering future ahead, India’s gems and jewellery industry continues to shine brightly on the global stage.
