Gems And Jewellery

India's gem and jewellery exports grew 24 per cent to Rs 28,832.86 crore in February following a recovery in the Chinese and Middle East markets, GJEPC said on Thursday. The overall gems and jewellery exports during February 2022 stood at Rs 23,326.80 crore, Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. In February 2023, the overall shipments of cut and polished diamond (CPD) increased 32 per cent to Rs 19,582.38 crore compared to Rs 14,841.90 crore a year ago. The total export of gold jewellery (plain and studded) rose 29.89 per cent in February to Rs 5,829.65 crore against Rs 4,488.30 crore in the year-ago period. "We are excited about the strong pace of demand observed by Indian exhibitors at the recent Hong Kong show, which revealed the untapped demand in the Chinese market. "In February, India saw 32 per cent growth in CPD exports, which can be partly attributed to the strong demand from China and the Lunar New Year festivities," GJEPC chairman Vipul

Budget 2023-24 adopted seven priorities or Saptarishi, one of which is building focus on green growth

The gems and jewellery industry on Wednesday said it is disappointed with the Union Budget proposed for 2023-24, as the government maintains the customs duty at 10 per cent, saying it will encourage the grey market. All India Gem And Jewellery Domestic Council chairman Saiyam Mehra said that the industry's critical concerns are not addressed in the Union Budget 2023-24. "While the research and development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored, including the reduction in customs duty on gold. It will severely hamper the industry and encourage the grey market," he stated. GJC has been urging for reduction in customs duty of gold over the past many years, however, the duty on silver dore bars has been increased to be brought at par with the yellow metal and platinum in this budget, he said. "This move will adversely affect the masses. We will continue to urge the ...

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

The gems and jewellery exports grew 11.83 per cent to Rs 19,855.17 crore (USD 2,429.86 million) in November compared to the year-ago period on the back of resumption of manufacturing activities after Diwali, GJEPC said on Monday. The exports stood at Rs 17,755.28 crore (USD 2,380.97 million) in November 2021, according to the Gem and Jewellery Export Promotion Council (GJEPC). "November is usually marked with resumption of manufacturing post the Diwali break that resulted in a rise in gem and jewellery exports by 12 per cent. "The USA and Hong Kong remained the two biggest pillars of India's overall gem and jewellery export growth for the period of April to November 2022, accounting for USD 9,211.39 million and USD 5,781.90 million, respectively," GJEPC Chairman Vipul Shah said in a statement. With the easing of Covid restrictions in China and the upcoming Chinese New Year, there may be hope on the horizon, he added. In November, the overall gross export of Cut and Polished Diamon

The gem and jewellery exports declined 14.64 per cent in October at Rs 25,843.84 crore due to seasonal trend as manufacturing activities are limited or closed during Diwali, GJEPC said on Saturday. In October 2021, the exports stood at Rs 30,274.64 crore, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. India's robust gem and jewellery export performance in the first 6 months of 2022-23 helped maintain growth for the period April-October, despite a sharp dip in exports last month, GJEPC noted. The decline in exports in October or November is a seasonal trend as manufacturing activities are either limited or units are closed because of Diwali, it stated. 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 units, and absence of workers during Diwali usually results in a decline in exports post Diwali," GJEPC Chairman Vipul Shah said. The upcoming

Decline 17% to $29.8 billion in October

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

The rise in the prices of gold will also curb demand, though it will support the revenues of SMEs

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

He urged the industry to suggest ways to take the exports to that level by creating incisive marketing tools and irresistible designs

The CEPA signed between India and the UAE will give a big boost to the gems and jewellery sector and help create more than one million jobs, Commerce Secretary B V R Subrahmanyam said on Saturday.

Gems and jewellery exports rose by 6.5% to USD 32.37 billion during April-January this fiscal, said industry body GJEPC on Wednesday.

The decline was expected due to a break in manufacturing activity during Diwali

The union minister also said that the government has taken various measures to promote investment for the growth of the sector

Commerce and Industry Minister Piyush Goyal on Saturday asked the gem and jewellery industry to focus on areas like design, diversification of export product basket and lab grown diamonds with a view to boost outbound shipments and job creation. He said that exports from the sector have increased to USD 23 billion during the April-October period of this fiscal. Focus on four points in the coming period. Good design should be patented; include new things such as pearls, platinum and fashion jewellery in the exports basket; increase collaboration with businesses of other countries for fusion jewellery; and (focus on) lab grown diamonds, he said at the inauguration ceremony of Gems & Jewellery Manufacturing Association, 2021.

The first quarter bore the impact of lockdowns imposed by states to contain the second wave of infections

Imports too rose by 98.33 per cent to $19.59 billion during the period, the data showed

On a sequential basis, they grew 5.35 per cent and 8.1 per cent as compared to May 2019

The overall shipments of gems and jewellery surged to Rs 25,226.11 crore year-on-year in April 2021, according to Gem and Jewellery Export Promotion Council (GJEPC)