Plain gold jewellery exports grew 61 pc in FY24

Chennai: Exports of plain gold jewellery, which had been low during the Covid years, surged 61 per cent in FY24.For FY24, exports of plain gold jewellery surged by an impressive 61.72 per cent to $ 6792.24 million as compared to $ 4199.96 million in FY23.

“Total Gold jewellery (plain and studded jewellery), which saw a 10.47 per cent decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91 per cent,” as per the data of the Gems and Jewellery Export Promotion Council. Gross export of total gold jewellery (both plain and studded) for the FY 2023-24 grew 16.75 per cent to $11230.18 million over the comparative figure of $9618.80 million for the previous year.

The UAE is the largest market of Indian plain gold jewellery and in FY24 also emerged as a significant market registering a growth of 107.2 per cent to reach $4,528.66 million compared to $2,185.67 million in the previous year. Markets of UAE and Bahrain accounted for over 85% of India’s plain gold jewellery exports. During the Covid years, the market had seen a lull. However, after the India-UAE CEPA came into effect, exports have seen a remarkable spurt.

“The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the Govt. 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.

Australia also witnessed a growth of 37 per cent in plain gold jewellery exports attributing its growth to the India-Australia ECTA.However, the overall gross exports of gems and jewellery in FY24 declined 14.45 per cent to $ 32285.85 million compared to $37737.05 million in the preceding period.

Cut and polished diamond exports in FY24 decreased by 27.58 per cent to $15967.02 million compared to $22047.72 million in the previous year. Gross export of coloured gemstones grew 14 per cent and platinum gold jewellery exports by over 400 per cent.