Plain Gold Jewellery Exports Skyrocket By 27.45% To USD 342.27 Million In April 2024

Plain Gold Jewellery Exports Skyrocket By 27.45% To USD 342.27 Million In April 2024

Despite the overall positive performance in gold jewellery exports, the total export of Studded Gold Jewellery experienced a slight decline of 0.62 per cent, reaching USD 376.06 million.

ANIUpdated: Monday, May 20, 2024, 06:22 PM IST
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Plain Gold Jewellery Exports Skyrocket By 27.45% | Representational Image

The export of plain gold jewellery continues to soar, marking 27.45 per cent increase, reaching USD 342.27 million in April 2024, compared to USD 268.56 million in the same month the previous year.

Overall Gem and Jewellery Export Trends

According to the Gem and Jewellery Export Promotion Council (GJEPC), this growth comes at a time when the overall exports of gems and jewellery declined by 11.37 per cent to USD 2074.85 million in April 2024, highlighting a contrasting trend within the sector.

Growth in Total Gold Jewellery Exports

Despite the broader decline, the total gross export of gold jewellery, encompassing both plain and studded varieties, showed a promising 11.03 per cent growth, reaching USD 718.34 million in April 2024 compared to USD 646.97 million in the same period the previous year.

Vipul Shah, Chairman, GJEPC, commented, "Plain gold jewellery has shown remarkable growth in exports, especially since the UAE Comprehensive Economic Partnership Agreement (CEPA). We are pleased that it continues to play a significant role in the gem and jewellery industry." He added, "With the benefits expected from the Free Trade Agreement (FTA) signed with UAE, Australia, and the European Free Trade Association (EFTA), we anticipate further growth in the coming years." We are optimistic about the future and expect growth in diamond and silver jewellery exports in the year ahead." Shah highlighted that in April 2024 alone, exports of plain gold jewellery surged by 27.45 per cent to USD 342.27 million. Additionally, studded jewellery exports are showing promising signs, nearly matching last year's April exports. "We are optimistic about the future and expect growth in diamond and silver jewellery exports in the year ahead," Shah added.

To further boost exports, the GJEPC has devised a robust promotion plan, focusing on tapping into new markets.

The Council is also investing in the generic promotion of diamond and gold jewellery, in collaboration with the Natural Diamond Council (NDC) and the World Gold Council (WGC), respectively.

Performance of Studded Gold Jewellery

Despite the overall positive performance in gold jewellery exports, the total export of Studded Gold Jewellery experienced a slight decline of 0.62 per cent, reaching USD 376.06 million compared to USD 378.41 million in the same month the previous year.

Other highlights from the report include a decline in the gross export of cut and polished diamonds by 16.76 per cent to USD 1154.8 million in April 2024 compared to USD 1387.38 million in the same period the previous year.

Similarly, the gross export of Silver Jewellery decreased by 32.98 per cent to USD 43.63 million compared to USD 65.11 million in the same month the previous year.

However, the gross export of Platinum Jewellery saw an impressive growth of 281.1 per cent, reaching USD 13.41 million compared to USD 3.52 million in the same month the previous year.

Furthermore, the gross export of Coloured Gemstones for April 2024 decreased by 35.39 per cent to USD 24.8 million compared to USD 38.38 million in the same month the previous year.

Likewise, the gross export of Polished Lab Grown Diamonds declined by 18.2 per cent to USD 83.77 million compared to USD 102.4 million in the same month the previous year.

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