India's Gem Exports See 3.14% Growth in August
India's gem and jewellery exports have seen significant growth in August this year. According to the Gem and Jewellery Export Promotion Council (GJEPC), India's total gem and jewellery exports rose by 3.14% year-on-year, reaching $2.30 billion in August. This increase was mainly driven by higher shipments of studded gold jewellery and a rise in diamond export volumes.
The demand from markets such as the US, Hong Kong, Singapore, the UK, and France contributed to the growth in gold jewellery exports. However, plain gold jewellery exports fell by 23.90% due to rising gold prices and limited availability of duty-free gold for exporters. The price of gold rose 8.27% month-on-month in August.
The volume of diamond exports increased by 3.23%, with shipments rising to 13.36 lakh carats from 12.94 lakh carats in August last year. Polished lab-grown diamond exports also saw a rise, driven by demand from various countries including Hong Kong and Israel.