India's robust gem & jewellery export performance in the first six months of the financial year 2022-23 has helped to maintain growth for the period April to October 2022, despite a sharp dip in exports in the month of October 2022. The decline in exports in the month of October or November is a seasonal trend consistent with previous years as manufacturing activities are either limited or units are closed because of the Diwali season. Traditionally, a spike in exports is seen once again post the Diwali holiday period.

For the cumulative year-to-date period of April – October 2022, the overall gross exports of gems & jewellery witnessed a growth of 7.90% to Rs188183.89 crores (1.21% in dollar terms to US$ 23814.0 million) as compared to Rs174406.57 crores (US$ 4041.60 million) for the same period last year.

In October 2022, the gem & jewellery exports witnessed a decline of 14.64% to Rs25843.84 crores (declined 22.44% in dollar terms to $ 3134.85 million) as compared to Rs30274.64 crores (US$ 4041.60 million) for the same period last year.

Mr. Vipul Shah, Chairman, GJEPC, said, “We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of G&J units, and absence of workers during Diwali usually results in a decline in exports post Diwali. The upcoming Holiday Season in the West and the Chinese New Year will give a boost to the exports in November and December. Also, trade shows like IIJS Signature 2023, Hong Kong Show 2023, and VicenzaOro Winter 2023 will aid in exports of gems and jewellery to key markets. I am confident that we are on course to achieve our export target of USD 45.7 billion for the year 2022-23.”

“The positive impact of the India-UAE CEPA was offset by gold supply hurdles which impacted exporters. The Council has sensitised the Govt. regarding this issue and they are working on resolving the same,” Mr. Shah, added.

For the period of April – October 2022, the overall gross exports of Cut & Polished diamonds grew 0.65% to Rs111400.01 crores (fell 5.54% in dollar terms to US$ 14106.67 million) as compared to Rs110675.84 crores (US$ 14933.40 million) for the same period last year.

In October 2022, the overall gross export of Cut & Polished diamonds declined 18.67% to Rs15594.49 crores (declined 26.12% in dollar terms to US$ 1891.20 million) as compared to Rs19175.16 crores (US$ 2559.82 million) in October 2021.

For the period of April to October 2022, the provisional gross export of total Gold Jewellery (plain & studded) increased 16.96% to Rs46190.41 crores (9.64% in dollar terms to US$ 5839.32 million) as compared to Rs39492.33 crores (US$ 5325.79 million) for the same period last year.

For October 2022, the total gross export of Gold Jewellery (Plain & Studded) witnessed a decline of 12.61% to Rs6457.48 crores (declined 20.52% in dollar terms to US$ 784.11 million) as compared to Rs7389.27 crores (US$ 986.58 million) for the same period last year.

In the financial year-to-date (April to October 2022), provisional gross export of Plain Gold Jewellery grew 19.47% to Rs19243.48 crores (12% in dollar terms to US$ 2432.71 million) as compared to Rs16106.92 crores (US$ 2172.0 million) for the same period last year.

For October 2022, the total gross export of Plain Gold Jewellery witnessed a decline of 8.25% to Rs2442.25 crores (declined 16.59% in dollar terms to US$ 296.44 million) as compared to Rs2661.92 crores (US$ US$ 355.39 million) for the same period last year.

For the period of April to October 2022, provisional gross exports of all kinds of Studded Gold jewellery surged 15.23% to Rs. 26946.93 crores (8.02% in dollar terms to US$ 3406.61 million) as compared to Rs. 23385.41 crores (US$ 3153.78 million) for the same period last year.

For the month of October 2022, the total gross export of all kinds of Studded Gold jewellery declined by 15.06% to Rs4015.22 crores (declined 22.74% in dollar terms to US$ 487.67 million) as compared to Rs4727.35 crores (US$ 631.19 million) in October 2021.

In the fiscal year-to-date, provisional gross export of Polished Lab-Grown Diamonds grew 63.08% to Rs8882.0 crores (52.91% in dollar terms to US$ 1122.37 million) as compared to Rs5446.48 crores (US$ 733.99 million) for the same period last year.

During April 2022 to October 2022, provisional gross export of coloured gemstones jumped 47.97% to Rs1918.58 crores (38.71% in dollar terms to US$ 242.68 million) as compared to Rs1296.6 crores (US$ 174.95 million) for the same period last year.

From April to October 2022, provisional gross export of Silver Jewellery increased 34.68% to Rs15215.60 crores (26.38% in dollar terms to US$ 1925.37 million) as compared to Rs11297.92 crores (US$ 1523.53 million) for the same period last year.

For the period of April 2022 to October 2022, provisional gross export of Platinum Jewellery grew 31% to Rs180.24 crores (22.44% in dollar terms to US$ 22.74 million) as compared to Rs137.59 crores (US$ 18.58 million) for same period last year.