India’s Gem & Jewellery Exports Rebound 54% Y-O-Y To US$ 39.15 billion in 2021-22

Original article found here in InStore Magazine.

MUMBAI: FY 2021-22 has been a bounce back year for the Indian gem & jewelry export sector. The overall gross exports of gem & jewelry 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 & Jewellery stood at US$ 3393.29 million (Rs. 25872.83 crores), showing a decline of 0.46% in dollar terms (grew 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 G&J 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 jewelry sector has maintained its promise of contributing a tenth of the country’s overall $400 billion export target. Out of the total G&J exports, the cut & 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 jewelry 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 jewelry.” 

The overall gross exports of Cut & Polished diamonds for the period of April 2021 – March 2022 stood at US$ 24.24 billion (Rs. 180618.06 crores), showing a growth of 48.8% in dollar terms (50.33% Rs. terms) as compared to US$ 16.29 billion (Rs. 120151.19 crores) for the same period in FY 2020-21.

In the month of March 2022, the overall gross export of Cut & Polished diamonds stood at US$ 2199.42 million (Rs. 16767.38 crores), showing a growth of 3.08% in dollar terms (8.020% in Rs. terms) as compared to US$ 2133.75 million (Rs. 15521.96 crores) for the same period in FY 2020-21.

Provisional gross export of total Gold Jewelry for the period APR 2021 – MAR 2022 stood at US$ 9.13 billion (Rs. 68026.69 crores), showing a growth of 84.56% in dollar terms (86.8% Rs. terms) as compared to US$ 4.945 billion (Rs. 36416.45 crores) for the same period in FY 2020-21.

In the month of March 2022, the total gross export of Gold Jewelry stood at US$ 627.3 million (Rs. 4781.22 crores), showing a decline of 12.32% (decline of 8.13% in Rs. terms) as compared to US$ 715.48 million (Rs. 5204.08 crores) for the same period in FY 2020-21.

Provisional gross export of Plain Gold Jewelry for the period APR 2021 – MAR 2022 stood at US$ 3774.17 million (Rs. 28123.39 crores), showing a growth of 73.44% in dollar terms (75.41% Rs. terms) as compared to US$ 2176.06 million (Rs. 16032.51 crores) for the same period previous year.

Provisional gross export all kinds of Studded Gold jewelry for the period APR 2021 – MAR 2022 stood at US$ 5352.52 million (Rs. 39903.31 crores), showing a growth of 93.30% in dollar terms (95.76% Rs. terms) over the comparative figure of US$ 2768.97 million (Rs. 20383.94 crores) for previous year.

Provisional gross export of Silver Jewelry for the period APR 2021 – MAR 2022 stood at US$ 2721.87 million (Rs. 20305.81 crores), showing a growth of 16.48% in dollar terms (17.69% Rs. terms) over the comparative figure of US$ 2336.82 million (Rs. 17254.1 crores) for previous year.

Provisional gross export of Colored Gemstones for the period APR 2021 – MAR 2022 stood at US$ 311.41 million (Rs. 2320.84 crores), showing a growth of 65.06% in dollar terms (66.82% in Rs. term) over the comparative figure of US$ 188.66 million (Rs. 1391.25 crores) for previous year.