Indian gem & jewellery exports grew 790% to ?18818389 crores in (Mumbai)

Indian gem & jewellery exports grew 790% to ?18818389 crores in

Indian Gem & Jewellery Exports Grew 7.90% To ?188183.89 Crores In Apr ? Oct 2022 The gem & jewellery exports witnessed a decline of 14.64% to ?25843.84 crores in October 2022 India?s robust gem & jewellery export performance in the first six months of the financial year 2022-23 has helped to maintain growth for the period April to October 2022, despite a sharp dip in exports in the month of October 2022. The decline in exports in the month of October or November is a seasonal trend consistent with previous years as manufacturing activities are either limited or units are closed because of the Diwali season. Traditionally, a spike in exports is seen once again post the Diwali holiday period. For the cumulative year-to-date period of April ? October 2022, the overall gross exports of gems & jewellery witnessed a growth of 7.90% to ?188183.89 crores (1.21% in dollar terms to US$ 23814.0 million) as compared to ?174406.57 crores (US$ 4041.60 million) for the same period last year. In October 2022, the gem & jewellery exports witnessed a decline of 14.64% to ?25843.84 crores (declined 22.44% in dollar terms to $ 3134.85 million) as compared to ?30274.64 crores(US$ 4041.60 million) for the same period last year. Mr. Vipul Shah, Chairman, GJEPC, said, ?We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of G&J units, and absence of workers during Diwali usually results in a decline in exports post Diwali. The upcoming Holiday Season in the West and the Chinese New Year will give a boost to the exports in November and December. Also, trade shows like IIJS Signature 2023, Hong Kong Show 2023, and VicenzaOro Winter 2023 will aid in exports of gems and jewellery to key markets. I am confident that we are on course to achieve our export target of USD 45.7 billion for the year 2022-23.? For the period of April ? October 2022, the overall gross exports of Cut & Polished diamonds grew 0.65% to ?111400.01 crores (fell 5.54% in dollar terms to US$ 14106.67 million) as compared to ?110675.84 crores (US$ 14933.40 million) for the same period last year. In October 2022, the overall gross export of Cut & Polished diamonds declined 18.67% to ?15594.49 crores (declined 26.12% in dollar terms to US$ 1891.20 million) as compared to ?19175.16 crores (US$ 2559.82 million) in October 2021. For the period of April to October 2022, the provisional gross export of total Gold Jewellery (plain & studded) increased 16.96% to ?46190.41 crores (9.64% in dollar terms to US$ 5839.32 million) as compared to ?39492.33 crores (US$ 5325.79 million) for the same period last year. For October 2022, the total gross export of Gold Jewellery (Plain & Studded) witnessed a decline of 12.61% to ?6457.48 crores (declined 20.52% in dollar terms to US$ 784.11 million) as compared to ?7389.27 crores (US$ 986.58 million) for the