India’s gem exports see 3.14% increase in August driven by growth in studded gold jewellery shipments.

Indias gem and jewellery exports recorded a 3.14% rise in August 2023, reaching a total of $2.30 billion. This uptick was largely driven by a notable increase in shipments of studded gold jewellery, which accounted for a significant portion of the exports. Additionally, diamond export volumes also played a positive role in enhancing the overall export figures for the month.

Conversely, exports of plain gold jewellery experienced a downturn, attributed to the increasing prices of gold and the escalation of input costs faced by manufacturers. Industry experts highlight that despite challenges in certain segments, India is progressing towards establishing itself as a global hub for design and value addition in the gem and jewellery sector.

The Indian gem and jewellery industry is considered one of the largest in the world, contributing significantly to the national economy. It employs millions of people and exhibits a diverse range of products, including diamonds, gold, and silver jewellery, as well as a variety of gemstones. The recent growth in exports underscores the sectors resilience and its potential for further development in international markets.