April 18, 2023, National: India's gem and jewellery exports have exhibited remarkable resilience in the face of global challenges, growing 2.48% to Rs. 300,462.52 crores in FY 2022-23 compared to Rs. 293,193.19 crores the previous year. In US dollars, exports totaled $37,468.66 million, down from $39,331.71 million the previous year.
Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), praised the industry's performance in light of inflation in the US, the Russia-Ukraine war, and China's extended lockdown. Shah highlighted the timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the Ministry of Commerce & Industry, which resulted in a 17% growth in exports of plain gold jewellery in 2022-23.
However, cut and polished diamond exports declined 2.97% to Rs. 176,696.95 crores due to inconsistent Russian rough diamond supply and challenges with beneficiation. Despite these setbacks, Shah expects stability to return to the diamond sector in the coming months, particularly with improving conditions in China and Far East Asia.
In contrast, polished lab-grown diamond (LGD) exports grew by a significant 37.31% to Rs. 13,466.42 crores. Shah credited the Indian government's research grant of ₹242 crore to IIT Madras and the elimination of the 5% customs duty on LGD seeds for the steady progress in this emerging sector.
Additional areas of growth included silver jewellery exports (16.02%), colored gemstones (45.44%), and gold jewellery exports (11.13%).
In March 2023 alone, the overall gross exports of gems and jewellery declined 23.75% to Rs. 21,501.96 crores.
