New Delhi [India]June 18 (ANI): India’s exports of precious stones and jewelry during the first two months of the current fiscal year 2022-23 — April and June — witnessed a growth of 10.08 percent to a value of Rs 51,050.53 crore (up from 5.97 per cent in dollars to $6.65 billion) compared to Rs 46,376.57 crore in the same period of the previous fiscal year, data from the GemJewellery Export Promotion Council (GJEPC) showed.
With the government setting its $45.7 billion gems and jewelry export target for fiscal year 2022-23, the industry is seeking to capitalize on the growth opportunities created by the trade agreements with the UAE and Australia to manage the 17 percent . growth of the export target.
In addition, the export council said the country must look for new export markets to offset the effects of the conflict between Russia and Ukraine.
In May 2022, the gross export of precious stones and jewelry grew by 19.90 percent to Rs 25,365.35 crore as compared to the same month last year.
“I believe we are witnessing India’s steady progress to become the preferred gem and jewelery manufacturer for the rest of the world,” said Colin Shah, Export Council Chairman.
He went on to say: “Given its satisfaction with the industry’s export performance last year, the government has pushed the target forward by an additional 17 percent to $45.7 billion for FY 2022-23. I am confident that the base that established through trade agreements with The UAE and Australia will help us achieve this new goal. GJEPC remains proactive in identifying new opportunities to counter the effects of the conflict between Russia and Ukraine.” a growth of 4.42 percent year-on-year to Rs 32601.84 crore.
Exports of gold jewelry (regular and studded jewelry) over the two months witnessed a growth of 27.11 percent to Rs 10,897.84 crore compared to the previous fiscal year, the export council said. (ANI)