Plain gold jewellery exports skyrocket by 27.45% to $342.27 million in April 2024

The export of plain gold jewellery continues to soar, marking 27.45% increase, reaching $342.27 million in April 2024, compared to $268.56 million in the same month the previous year.

According to the Gem and Jewellery Export Promotion Council (GJEPC), this growth comes at a time when the overall exports of gems and jewellery declined by 11.37% to $2074.85 million in April 2024, highlighting a contrasting trend within the sector.

Despite the broader decline, the total gross export of gold jewellery, encompassing both plain and studded varieties, showed a promising 11.03% growth, reaching $718.34 million in April 2024 compared to $646.97 million in the same period the previous year.

Vipul Shah, Chairman, GJEPC, commented, "Plain gold jewellery has shown remarkable growth in exports, especially since the UAE Comprehensive Economic Partnership Agreement (CEPA). We are pleased that it continues to play a significant role in the gem and jewellery industry.

"He added, "With the benefits expected from the Free Trade Agreement (FTA) signed with UAE, Australia, and the European Free Trade Association (EFTA), we anticipate further growth in the coming years."We are optimistic about the future and expect growth in diamond and silver jewellery exports in the year ahead."Shah highlighted that in April 2024 alone, exports of plain gold jewellery surged by 27.45% to $342.27 million. 

Additionally, studded jewellery exports are showing promising signs, nearly matching last year's April exports. "We are optimistic about the future and expect growth in diamond and silver jewellery exports in the year ahead," Shah added.

To further boost exports, the GJEPC has devised a robust promotion plan, focusing on tapping into new markets.

The Council is also investing in the generic promotion of diamond and gold jewellery, in collaboration with the Natural Diamond Council (NDC) and the World Gold Council (WGC), respectively.

Despite the overall positive performance in gold jewellery exports, the total export of Studded Gold Jewellery experienced a slight decline of 0.62%, reaching $376.06 million compared to $378.41 million in the same month the previous year.

Other highlights from the report include a decline in the gross export of cut and polished diamonds by 16.76 % to $ 1154.8 million in April 2024 compared to $ 1387.38 million in the same period the previous year.

Similarly, the gross export of Silver Jewellery decreased by 32.98% to $43.63 million compared to $65.11 million in the same month the previous year.

However, the gross export of Platinum Jewellery saw an impressive growth of 281.1%, reaching $13.41 million compared to $3.52 million in the same month the previous year.

Furthermore, the gross export of Coloured Gemstones for April 2024 decreased by 35.39% to $24.8 million compared to $38.38 million in the same month the previous year.

Likewise, the gross export of Polished Lab Grown Diamonds declined by 18.2% to $83.77 million compared to $102.4 million in the same month the previous year.