India’s gem and jewelry exports rose 26.5% year-over-year in June to $2.21 billion, marking a sharp rebound after a slow start to the year, according to data released yesterday by the Gem & Jewellery Export Promotion Council (GJEPC).
The increase was driven primarily by strong growth in gold jewelry, cut and polished diamonds, and lab-grown diamonds. Total gold jewelry exports climbed 54.5%, to $1.09 billion, including an 85.35% increase in studded gold jewelry exports and a 25.3% rise in plain gold jewelry shipments. Cut and polished diamond exports increased 8.7%, to $846.7 million, while polished lab-grown diamond exports rose 52.25%, to $101.35 million.
Despite the strong June performance, exports for the entire second quarter were essentially flat. GJEPC reported that total gem and jewelry exports for the quarter edged up just 0.04% year-over-year to $6.6 billion.
During the three-month period from April through June, cut and polished diamond exports fell 4.13%, while plain gold jewelry exports declined 23.3%. Offsetting those declines were a 20.1% increase in studded gold jewelry exports, a 97.8% jump in silver jewelry exports, a 27.7% gain in platinum jewelry exports, and a 14.9% increase in polished lab-grown diamond exports. Colored gemstone exports declined 15% during the quarter.
Kirit Bhansali, chairman of GJEPC, said June’s results reflected the industry’s resilience amid changing global trade conditions. He cited continued demand from key export markets, efforts to diversify export destinations, and the potential benefits of new trade deals, including the India-U.K. Comprehensive Economic and Trade Agreement, as factors that could support future growth.
“The sharp recovery in June is an encouraging sign for the months ahead,” Bhansali said.
According to GJEPC, the June recovery was also aided by lower gold prices. The organization said international gold prices declined almost 10.3% from the previous month, reducing raw material costs and improving the competitiveness of Indian jewelry exporters.
The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.
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