Mumbai: The Gem & jewellery sector is all set to achieve its export target of USD 46 billion for the year 2022-23. For the cumulative period of April – August 2022, the overall gross exports of gem & jewellery (G&J) witnessed a growth of 10.16% to Rs. 130440.39 crores (4.4% in dollar terms to US$ 16695.56 million) as compared to Rs. 118404.94 crores (US$ 15991.68 million) for the same period last year.

In August 2022, the gem & jewellery exports witnessed a growth of 6.7% to Rs. 26418.840 crores (declined 0.54% in dollar terms to US$ 3316.08 million) as compared to Rs. 24749.69 crores (US$ 3334.12 million) for the same period last year.

For the period of April – August 2022, the overall gross exports of Cut & Polished diamonds grew 1.59% to Rs. 78697.84 crores (fell 3.68% in dollar terms to US$ 10080.52 million as compared to Rs. 77465.26 crores (US$ 10465.28 million) for the same period last year.

In August 2022, the overall gross export of Cut & Polished diamonds declined 0.84% to Rs. 14955.8 crores (declined 7.48% in dollar terms to US$ 1879.74 million) as compared to Rs. 15082.28 crores (US$ 2031.64 million) in August 2021.

Mr. Vipul Shah, Chairman, GJEPC said, “Since the last two months, the cut & polished diamond exports have been largely affected due to slowdown in the Chinese economy caused by ongoing lockdowns. In addition, the Russia-Ukraine conflict is affecting diamond exports to some extent. However, the cumulative growth in gems & jewellery for the period April – August 2022 is attributed to the robust performance of plain gold jewellery and studded jewellery, which witnessed a growth of 28.73% to Rs. 13302.52 crores and 23.11% to Rs. 17714.51 crores respectively, post the signing of the India-UAE CEPA. Moreover, silver and lab-grown diamonds continue with their strong growth due to high demand from the US and other major markets.”

For the period of April to August 2022, the provisional gross export of total Gold Jewellery (plain & studded) increased 25.46% to Rs. 31017.04 crores (+18.8% in dollar terms to US$ 3964.740 million as compared to Rs. 24723.0 crores (US$ 3337.37 million) for the same period last year.

For August 2022, the total gross export of Gold Jewellery (plain & studded) witnessed a growth of 15.44% to Rs. 6659.43 crores (+7.12% in dollar terms to US$ 832.95 million as compared to Rs. 5768.87 crores (US$ 777.57 million) for the same period last year.

In the financial year-to-date (April to August 2022), provisional gross export of Plain Gold Jewellery grew 28.73% to Rs. 13302.52 crores (+21.85% in dollar terms to US$ 1699.33 million as compared to Rs. 10334.05 crores (US$ 1394.57 million) for the same period last year.

For August 2022, the total gross export of Plain Gold Jewellery witnessed a growth of 25.44% to Rs. 2970.78 crores (16.74% in dollar terms to US$ 372.76 million as compared to Rs. 2368.24 crores (US$ 319.32 million) for the same last year.

For the period of April to August 2022, provisional gross exports of all kinds of Studded Gold jewellery surged 23.11% to Rs. 17714.51 crores (+16.61% in dollar terms to US$ 2265.42 million) as compared to Rs. 14388.95 crores (US$ 1942.8 million) for the same period last year.

For the month of August 2022, the total gross export of all kinds of Studded Gold jewellery went up by 8.47% to Rs.3688.65 crores (0.42% in dollar terms to US$ 460.20 million) as compared to Rs. 3400.63 crores (US$ 458.25 million) in August 2021.

From April to August 2022, provisional gross export of Silver Jewellery increased 33.2% to Rs. 10594.98 crores (+26.26% in dollar terms to US$ 1354.91 million) as compared to Rs. 7954.45 crores (US$ 1073.1 million) for the same period last year.

During April 2022 to August 2022, provisional gross export of coloured gemstones jumped 50.66% to Rs. 1271.13 crores (+42.81% in dollar terms to US$ 162.68 million) as compared to Rs. 843.69 crores (US$ 113.92 million) for the same period last year.

For the period of April 2022 to August 2022, provisional gross export of Platinum Jewellery grew 42.15% to Rs. 121.23 crores (+30.78% in dollar terms to US$ 15.06 million) as compared to Rs. 85.29 crores (US$ 11.51 million) for same period last year.

In the fiscal year-to-date, provisional gross export of Polished Lab-Grown Diamonds soared 64.06% to Rs. 5981.65 crores (+55.68% in dollar terms to US$ 765.86 million) as compared to Rs. 3646.0 crores (US$ 491.95 million) for the same period last year.