October 2024 Marks a Revival in Cut & Polished Diamond Exports with Double-Digit Growth: GJEPC
FinTech BizNews Service
Mumbai, 16 November, 2024: India’s gem and jewellery exports has made strides in October 2024, marking a turning point with positive growth in multiple product categories, notably cut and polished diamonds, gold Jewellery (plain & studded), and polished lab-grown diamonds. In October 2024, the overall gross exports of gems and jewellery reached USD 2,998.04 million (Rs. 25,194.41 crores), marking a growth of 9.18% in dollar terms and 10.23% in rupee terms, compared to USD 2,746.09 million (Rs. 22,857.16 crores) in October 2023. This increase underscores the industry’s resilience amid challenging global market conditions.
Cut & Polished Diamonds led the recovery in October 2024, with overall gross exports reaching USD 1,403.59 million (Rs. 11,795.83 crores), marking a growth of 11.32% in dollar terms and 12.39% in rupee terms compared to USD 1,260.91 million (Rs.10,495.06 crores) in October 2023. This growth highlights a renewed demand for India’s finely crafted diamonds, re-establishing the industry’s foothold after previous months of decline.
Commenting on the growth in exports, Shri Vipul Shah, Chairman, GJEPC, said, "This is a welcome relief for our industry, as we’ve experienced export growth of 9.18% in October. Notably, the export of cut and polished grew 11.32% compared to October 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery. Furthermore, the GJEPC is making concerted efforts to expand into new markets while strengthening demand in existing ones.”
Shah further added, “With President Donald Trump's election, we are optimistic about his promise to stabilize the geopolitical landscape and strengthen the US economy, which we believe will support a revival in trade, business, and supply chains, ultimately boosting global demand for gems and jewellery.”
Gold Jewellery (Plain & Studded) exports also performed well in October 2024, achieving an 8.8% growth in dollar terms and a 9.83% increase in rupee terms, with exports valued at USD 1,124.52 million (Rs. 9,449.37 crores), up from USD 1,033.61 million (Rs. 8,603.33 crores) in October 2023. This growth underscores strong demand for Indian gold jewellery in global markets.
In October 2024, Plain Gold Jewellery saw a slight dip, with exports marginally down by 0.64% in dollar terms and showing a minimal increase of 0.3% in rupee terms, totaling USD 447.45 million (Rs. 3,759.92 crores) compared to USD 450.35 million (Rs. 3,748.52 crores) in October 2023.
The total export of Studded Gold Jewellery in October 2024 reached USD 677.07 million (Rs. 5,689.45 crores), showing a growth of 16.08% in dollar terms and 17.19% in rupee terms compared to USD 583.26 million (Rs. 4,854.81 crores) in October 2023. This growth highlights the strong demand for studded gold jewellery in global markets.
The provisional gross export of Polished Lab-Grown Diamonds for the period October 2024 totaled USD 138.12 million (Rs. 1,160.70 crores), showing a growth of 1.27% in dollar terms and 2.25% in rupee terms compared to USD 136.38 million (Rs. 1,135.16 crores) in October 2023.
For the Period of April 2024 – October 2024:
The cumulative exports of gems and jewellery for the period April 2024 to October 2024, reached USD 16,583.68 million (Rs. 1,38,757.7 crores), reflecting a decline of 9.1% in dollar terms and 7.89% in rupee terms compared to USD 18,243.91 million (Rs. 1,50,649.43 crores) during the same period last year.
For the period April 2024 to October 2024, Cut & Polished Diamonds exports totaled USD 8,313.86 million (INR 69,558.49 crores), reflecting a decline of 16.56% in dollar terms and 15.42% in rupee terms compared to USD 9,963.53 million (Rs. 82,238.07 crores) during the same period last year.
The provisional gross export of total Gold Jewellery (Plain & Studded) for the period April 2024 to October 2024 reached USD 5,874.24 million (Rs. 49,153.55 crores), showing a growth of 5.73% in dollar terms and 7.07% in rupee terms compared to USD 5,555.95 million (Rs. 45,906.88 crores) during the same period last year.
The provisional gross export of Plain Gold Jewellery for the period April 2024 to October 2024 totaled USD 2,354.38 million (Rs. 19,699.01 crores), showing a decline of 4.8% in dollar terms and 3.6% in rupee terms compared to USD 2,473.19 million (Rs. 20,434.3 crores) during the same period last year.
The provisional gross export of Studded Gold Jewellery for the period from April 2024 to October 2024 totaled USD 3,519.85 million (Rs. 29,454.53 crores), reflecting a growth of 14.18% in dollar terms and 15.63% in rupee terms compared to USD 3,082.76 million (Rs. 25,472.58 crores) during the same period last year.
The provisional gross export of Polished Lab-Grown Diamonds for the period April 2024 to October 2024 totaled USD 766.59 million (Rs. 6,414.23 crores), showing a decline of 7.9% in dollar terms and 6.69% in rupee terms compared to USD 832.36 million (Rs. 6,874.35 crores) during the same period last year.
The provisional gross export of Silver Jewellery for the period April 2024 to October 2024 totaled USD 649.56 million (Rs. 5,436.68 crores), showing a decline of 21.30% in dollar terms and 20.34% in rupee terms compared to USD 825.31 million (Rs. 6,824.87 crores) during the same period last year.
The provisional gross export of Platinum Jewellery for the period April 2024 to October 2024 totaled USD 99.72 million (Rs. 834.21 crores), showing a growth of 3.54% in dollar terms and 4.81% in rupee terms compared to USD 96.31 million (Rs. 795.91 crores) during the same period last year.
The provisional gross export of Coloured Gemstones for the period April 2024 to October 2024 totaled USD 258.31 million (INR 2,162.54 crores), showing a decline of 13.97% in dollar terms and 12.77% in rupee terms compared to USD 300.25 million (INR 2,479.1 crores) during the same period last year.
