Gems and jewelry exports recovered to $39.15 billion in 2021-22, up nearly 55 percent from the previous fiscal year, industry association GJEPC said Thursday.
Gross gems and jewelry exports were $25.40 billion in 2020-21, the Gem and Jewelery Export Promotion Council (GJEPC) said in a statement.
Meanwhile, in March, total gross exports of gemstones and jewelry rose 4.33 percent to $3,393.29 million, down 0.46 percent from $3,409.07 million for the same period in FY21.
“India’s exports to global markets bounced back by 54 percent, demonstrating how flexible India’s G&J pipeline is to quickly adapt to an uncertain business environment characterized by temporary Covid lockdowns and unprecedented demand surges,” said GJEPC Chairman Colin Shah.
With annual exports of $39.15 billion, India’s gemstone and jewelry sector has kept its promise to contribute one-tenth of the total export target of $400 billion, Shah said.
“Of total G&J exports, the polished and polished diamond segment alone accounted for 62 percent or $24,236.57 million, reflecting strong demand from the US, UAE, Belgium and Israel.
“Our industry has stood hand in hand with the export sector in general in fulfilling the government target, and some additional required policy support could unleash the industry’s true potential,” he added.
Having recently signed trade agreements with the UAE and Australia, India is poised to gain preferential access for gems and jewelry in these key growth markets, he noted.
Total polished and polished diamonds (CPD) exports during FY22 were $24.24 billion, a growth rate of 50.33 percent compared to $16.29 billion for the same period in FY21.
Preliminary total gold jewelry exports for FY22 were USD 9.13 billion, an increase of 86 percent compared to USD 4.945 billion for the same period in FY21.
According to GJEPC data, preliminary shipments of all kinds of studded gold jewelry grew 95 percent in 2021-22 to $5,352.52 million, from $2,768.97 million in the previous year.
Preliminary gross exports of silver jewelry during FY22 were USD 2,721.87 million, compared to USD 2336.82 million in the prior fiscal year.
Similarly, gross exports of colored gemstones for April 2021-March 2022 grew 66.82 percent to $311.41 million, from $188.66 million in the prior fiscal year.