New Delhi, Apr 22 (Mayank Nigam) Plain gold jewellery exports surged 62% to US$6.79 billion in financial year 2023-24 as compared to US$ 4.19 billion in financial year 2022-23. “Total gold jewellery (plain & studded jewellery), which experienced a 10.47% decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%,” said Gem & Jewellery Export Promotion Council (GJEPC). As per GJEPC data released on Monday, the UAE emerged as a significant market for plain gold jewellery exports from India.
The plain gold jewellery shipments to the UAE was more than doubled in FY24 to US$ 4.52 billion as compared to US$ 2.18 billion in the previous year. “Markets of UAE and Bahrain accounted for over 85% of India’s plain gold jewellery exports,” GJEPC said. Australia also witnessed a growth of 37% in plain gold jewellery exports attributing its growth to India-Australia free trade pact. Speaking about the increase in plain gold jewellery exports, GJEPC Chairman Vipul Shah said, “The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the government.” He further said, “The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand.”