India's Gem and Jewellery Exports Surge 3.14% in August

India's gem and jewellery exports saw a boost in August, rising by 3.14% year-on-year to $2.30 billion (Rs 21,945.87 crore). The Gem and Jewellery Export Promotion Council (GJEPC) credited the growth to increased shipments of studded gold jewellery and higher diamond export volumes.

The industry recorded a notable increase in exports of plain and studded gold jewellery together, rising by 11.81% year-on-year to $999.83 million (Rs 9,546.12 crore). Demand from major markets such as the US, Hong Kong, Singapore, the UK, and France supported this growth.

The surge in exports was led by studded gold jewellery, which saw a significant increase of 51.22% to $642.85 million (Rs 6,137.81 crore). However, plain gold jewellery exports declined by 23.90%, falling to $356.97 million (Rs 3,408.32 crore) due to rising gold prices and limited availability of duty-free gold for exporters.

GJEPC chairman Kirit Bhansali stated that August's export performance reflects the resilience and adaptability of India's gem and jewellery industry. He noted that the growth in diamond exports and studded gold jewellery shipments highlights India's ability to create greater value by transforming precious materials into finished jewellery.