India’s plain gold jewellery exports grew 61.72% to $6,792.24 million in FY24 as in contrast with $4,199.96 million a 12 months earlier, in response to the Gem & Jewellery Export Promotion Council (GJEPC).
Total gold jewellery (plain and studded) which noticed a ten.47% decline between April 2023 and September 2023, rebounded strongly in the latter half of the 12 months, reaching a progress of 46.91%. Exports of complete gold jewellery (each plain and studded) for FY23-24 grew 16.75%. Coloured gems for FY23-24 elevated by 14% to $478.71 million, whereas exports of platinum gold jewellery exports confirmed a sturdy progress of 449.16% to $163.48 million, GJEPC reported.
Vipul Shah, Chairman, GJEPC, stated, “The improve in plain gold jewellery exports could also be attributed to the pragmatic overseas commerce agreements by the federal government. The implementation of India-UAE CEPA couldn’t have come at a greater time, particularly when the trade confronted varied challenges with financial downturns in main export markets and escalating geopolitical issues, all of which led to the decline in demand.’‘
The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach $4,528.66 million in FY23-24, compared with $2,185.67 million in the previous year.
Markets of UAE & Bahrain accounted for over 85% of India’s plain gold jewellery exports. Australia additionally witnessed a progress of 37% in plain gold jewellery exports, attributing its improvement to the India-Australia ECTA.
