Exports of precious stones and jewelry increased by 20% to 25,365 rupees in May

India’s gem and jewelry exports in May saw annual growth of 20 percent to 25,365.35 rupees ($ 3.28 billion) amid strong demand from key markets, including the United States and the Export Promotion Council. of Gems and Jewelry (GJEPC) said on Saturday.

The total export of precious stones and jewelry amounted to 21,156.10 billion rupees ($ 2.89 billion) in May 2021, according to a statement from GJEPC.

Gross exports of precious stones and jewelry for the period April-May 2022 increased by 10.08% to 51,050.53 rupees ($ 6.65 billion), compared to 46,376.57 billion rupees (6, $ 28 billion) in April-May 2021.

“I believe we are witnessing India’s steady progress towards becoming a preferred producer of precious stones and jewelery for the rest of the world.

For example, between April and May 2022, there was steady growth in exports to many of our key markets, including the United States, which amounted to $ 2.58 billion, Hong Kong ($ 1.38 billion), and the UAE (810.16). million) and Belgium ($ 441.37 million), ”said GJEPC President Colin Shah.

Given its satisfaction with the industry’s export performance last year, the government pushed the target by another 17 percent to $ 45.7 billion for 2022-2023, he said.

“I am confident that the basis laid by the trade agreements with the UAE and Australia will help us achieve this new goal. “We remain active in identifying new opportunities to counter the consequences of the Russia-Ukraine conflict,” he added.

Meanwhile, in May, exports of cut and polished diamonds (CPD) rose 10.04 percent to 16,156.03 million rupees ($ 2,089.17 million), compared to 14,681.42 million rupees ($ 2004.91 million). ) in 2022

Exports of gold jewelery (ordinary jewelery and spiked jewelery) jumped 50.11% in May to Rs 5,273.40 million (USD 681.47 million), compared to Rs 3513.08 million (USD 479.54 million). ) in May 2021, according to the data.

Exports of silver jewelry in April-May 2022 witnessed a decline of 6.63% to 3728.84 rupees (485.41 million US dollars), compared to 3993.64 million rupees (540.19 million dollars) in April-May 2021

Exports of colored gemstones in April-May 2022 increased by 106.91% to 584.45 crore rupees ($ 75.99 million) against 282.47 million rupees ($ 38.20 million) in the first two months of the previous year. financial year.

Similarly, laboratory-polished diamonds in April-May 2022 saw an increase of 105.58% to 2,499.95 rupees ($ 325.45 million), compared to 1,216.06 million rupees (164.52 million). USD from the previous financial period) during the same financial period.

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