India’s plain gold jewelry exports in FY24 surge by 62% 

India’s exports of plain gold jewelry for the financial year 2023-24 surged by 61.72% to $6,792.24 million as compared to $4,199.96 million in the previous year. 

However, overall gross exports of gems and jewelry declined by 14.45% to $32,285.85 million compared to $37,737.05 million in the preceding period.

“Total gold jewelry (plain and studded), which experienced a 10.47% decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%,” Gem and Jewelry Export Promotion Council (GJEPC) said this week.

The United Arab Emirates (UAE) emerged as a significant market for plain gold jewelry exports from India. The export to the UAE registered a remarkable growth of 107.2% to reach $4,528.66 million in FY 2023-24, compared to $2,185.67 million the previous year.

Markets of the UAE and Bahrain accounted for over 85% of India’s plain gold jewelry exports during the same period.

Australia also saw a remarkable growth of 37% in plain gold jewelry exports. The growth was attributed to the Australia-India Economic Cooperation and Trade Agreement (ECTA).

Gross export of total gold jewelry (both plain and studded) for the FY 2023-24 grew by 16.75% to $11,230.18 million over the comparative figure of $9,618.80 million in the previous year, GJEPC said.

Platinum gold jewelry exports witnessed a massive growth of 449.16% to $163.48 million in the year.

Gross export of colored gemstones grew by 14% to US$ 478.71 million over the comparative figure of $ 420.13 million for previous year.

“The increase in plain gold jewelry exports may be attributed to the pragmatic foreign trade agreements by the government. The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand,” Vipul Shah, chairman, GJEPC, said.

While jewelry export registered a steady growth, gems business suffered a significant decline. 

Cut and polished diamond exports decreased by 27.58% to $15,967.02 million compared to $22,047.72 million in the previous year.

Gross export of polished lab grown diamonds declined by 16.54% to $ 1,402.44 million over the comparative figure of $ 1,680.29 million for previous year.

Gross export of silver jewelry declined 44.97% to $ 1,618.97 million over the comparative figure of $2,942.20 million for previous year.

Citing the Middle East disruptions, the GJEPC said they were concerned with the ongoing conflict which may hit exports in the first quarter of FY 2024-25.

GJEPC is an autonomous body set up by the ministry of commerce in 1966 to boost the country’s jewelry exports.