FY 2021-22 has been a bounce back year for the Indian gems and jewellery export sector. The overall gross exports of gems and jewellery from April 2021- March 2022 stood at US$ 39.15 billion (Rs. 291771.48 crores), showing a growth of 54.13% in dollar terms (55.75% in Rs, terms) as compared to US$ 25.40 billion (Rs. 187333.68 crores) in FY 2020-21.
In the month of March 2022, the overall gross exports of gems and jewellery stood at US$ 3393.29 million (Rs. 25872.83 crores), showing a decline of 0.46% in dollar terms (up 4.33% in Rs. term) as compared to US$ 3409.07 million (Rs. 24798.33 crores) for the same period in FY 2020-21.
Colin Shah, Chairman, GJEPC, said: “India’s exports to global markets bounced back 54%, demonstrating the agility of the Indian gems and jewellery pipeline in adjusting quickly to an uncertain business environment marked by temporary Covid lockdowns and unprecedented demand surges. With annual exports of US$ 39.15 billion, the Indian gems and jewellery sector has maintained its promise of contributing a tenth of the country’s overall $400 billion export target. Out of the total gems and jewellery exports, the cut and polished diamonds segment alone accounted for 62% or USD 24236.57 million, reflecting robust demand from the USA, UAE, Belgium, and Israel. Our industry has stood hand in hand with the export sector at large in fulfilling the government’s target, and some additional requisite policy support could unleash the industry’s true potential.
“Having recently signed trade agreements with UAE and Australia, India is poised to gain preferential access for gem and jewellery products in these important growth markets. Another key global outreach initiative is GJEPC’s first-ever in-country International Gem & Jewellery Show (IGJS), an exclusive show for international buyers in Jaipur. And with several new exciting projects in the pipeline, the Council’s untiring efforts will hopefully usher in another golden era of global fascination with India-made jewellery.”