India’s plain gold jewellery exports grew 61.72% to $6,792.24 million in FY24 as compared with $4,199.96 million a year earlier, according to the Gem & Jewellery Export Promotion Council (GJEPC).
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Total gold jewellery (plain and studded) which saw a 10.47% decline between April 2023 and September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%. Exports of total gold jewellery (both plain and studded) for FY23-24 grew 16.75%. Coloured gemstones for FY23-24 increased by 14% to $478.71 million, while exports of platinum gold jewellery exports showed a robust growth of 449.16% to $163.48 million, GJEPC reported.
Vipul Shah, Chairman, GJEPC, said, “The increase in plain gold jewellery 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.’‘
The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach $4,528.66 million in FY23-24, compared with $2,185.67 million in the previous year.
Markets of UAE & Bahrain accounted for over 85% of India’s plain gold jewellery exports. Australia also witnessed a growth of 37% in plain gold jewellery exports, attributing its development to the India-Australia ECTA.