Indian Economy News

India’s gems and jewellery exports rise 20% to US$ 2.50 billion in November: GJEPC

According to data from the Gem and Jewelry Export Promotion Council (GJEPC), India's exports of jewelry and gems saw strong growth in November, growing by almost 20% year over year to reach US$ 2.50 billion. Strong performance in all important categories, especially cut and polished diamonds, which saw a sharp increase in exports, propelled the growth. Polished lab-grown diamonds also saw consistent increases, which is indicative of the growing acceptance of economical and sustainable alternatives around the world. Due to increased employment demand and the reestablishment of silver bullion supply chains, studded gold and silver jewelry became significant contributors. Nevertheless, in spite of the excellent monthly performance, The total amount of exports from April to November was essentially unchanged at about US$ 18.85 billion, indicating a slow and uneven recovery in the state of global demand. 
Leaders in the industry noted that demand is stabilizing in a number of significant export markets, such as China, Hong Kong, and the Middle East, which has helped counteract comparatively slower demand from the US market. India's increasing strength as a global manufacturing and processing hub, supported by expert craftsmanship and competitive job work capabilities, is highlighted by the rise in exports of gold-studded jewelry.  In the meantime, better raw material availability and supply chain normalization are reflected in the increase in silver jewelry exports. In keeping with India's larger goals for trade, manufacturing, and export diversification, the robust November performance indicates a resurgence of confidence in the country's gem and jewelry industry and reaffirms its role as a major contributor to export growth, employment creation, and value addition.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.