India's Gem and Jewellery Exports Record a Surge of 24% in February

India's Gem and Jewellery Exports Record a Surge of 24% in February

India's gem and jewellery exports recorded a significant increase in February 2023, thanks to the swift recovery of the Middle East and Chinese markets. According to the data released by the Gem and Jewellery Export Promotion Council (GJEPC), the overall gem and jewellery exports surged 24% to INR 28832.86 crores ($3.88 billion) in February 2023, as compared to INR 23326.80 crores ($3.14 billion) during the same period last year.

Cut and polished diamonds recorded a strong growth of 32% to INR 19582.38 crores ($2.64 billion), while gold jewellery exports, both plain and studded, increased by 29.89% to INR 5829.65 crores ($784 million) in February 2023, compared to INR 4488.30 crores ($604 million) for the same period in 2022.

Chairman of GJEPC, Vipul Shah, commented on the surge in exports, saying, “GJEPC is excited about the strong pace of demand observed by Indian exhibitors at the recent Hong Kong show, which revealed the untapped demand in the Chinese market." The CEPA deal signed with the UAE has led to a 45% increase in plain gold jewellery exports, indicating that the Middle East market is recovering strongly after a slight dip.

For the fiscal year-to-date period of April 2022 - February 2023, the overall gross exports of gems and jewellery witnessed a growth of 5.27% to INR 278960.56 crores ($37.5 billion) as compared to INR 264994.83 crores ($35.6 billion) for the same period last year.