18th May, 2024, Mumbai: The export of plain gold jewellery continues to soar, marking a significant 27.45% increase, reaching USD 342.27 million in April 2024, compared to USD 268.56 million in the same month the previous year.
The overall exports of gems and jewellery declined 11.37% to USD 2074.85 million in April 2024, as compared to the same period the previous year. However, the total gross export of Gold Jewellery (both plain and studded) saw a promising 11.03% 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 of 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. With the benefits expected from the Free Trade Agreement (FTA)s signed with UAE, Australia, and European Free Trade Association (EFTA), we anticipate further growth in the coming years. In April 2024 alone, exports of plain gold jewellery surged by 27.45% 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 further added, “To further boost exports, we have devised a robust promotion plan, focusing on tapping into new markets. Additionally, we are 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.”
In April 2024, the total export of Studded Gold Jewellery experienced a slight decline of 0.62%, 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 & Polished diamonds by 16.76% to USD 1154.8 million in April 2024 compared to USD 1387.38 million in the same period the previous year. Gross export of Silver Jewellery for April 2024 decreased by 32.98% 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 for April 2024 experienced an impressive growth of 281.1%, 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% to USD 24.8 million compared to USD 38.38 million in the same month the previous year. Similarly, the gross export of Polished Lab Grown Diamonds for April 2024 declined by 18.2% to USD 83.77 million compared to USD 102.4 million in the same month the previous year.