India’s gem and jewellery exports dropped by 23.7 per cent to ₹21,501.96 crores (USD 37,468.66 million) in March 2023 as against ₹28,198.36 crores same period last year. However, the annual exports figures grew marginally by 2.48 per cent to ₹3,00,462.52 crores (USD 37,468.66 million) in 2022-23 because of worldwide challenges like the Russia-Ukraine war, the lockdown in China for almost six months, and inflation. However, on-time implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the Ministry of Commerce and Industry boosted plain gold jewellery exports by 17 per cent in 2022-23.
As per Gem and Jewellery Export Promotion Council (GJEPC’s), the country recorded gem and jewellery export figures during 2021-22 of ₹2,93,193.19 crores (USD 39,331.71 million). However, the overall exports of Cut and Polished diamonds between April 2022 and March 2023 declined by 2.97 per cent at ₹1,76,696.95 crores (USD 22,044.58 million) compared to ₹1,82,111.14 crores (USD 24,433.75 million) the year before. However, global challenges impacted the demand for Indian demands in primary markets like the US and China, although South-East Asia and Europe fared well.
India faced challenges due to inconsistent Russian rough diamond supply and problems with beneficiation, as nations like Botswana, Angola, and Namibia prefer to have their rough diamonds cut in their regions. However, stability is expected to return to the sector soon, especially with better conditions in Far East Asia and China.