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Jeet B Bhayani (SEBI RA)

15th Dec · SEBI-Registered Analyst

Data from the Gem and Jewelry Export Promotion Council (GJEPC) indicates that India's jewelry and gemstone exports experienced robust growth in November, increasing by nearly 20% compared to the previous year, totaling US$ 2.50 billion. Robust performance across all key areas, particularly in cut and polished diamonds, which experienced a significant rise in exports, drove the growth. Refined lab-grown diamonds experienced steady rises, reflecting the increasing acceptance of affordable and sustainable options globally. Owing to heightened demand for employment and the revival of silver bullion supply chains, gold and silver jewelry with embellishments emerged as important contributors. Despite the strong monthly performance, the overall exports from April to November remained roughly the same at approximately US$ 18.85 billion, reflecting a gradual and inconsistent recovery in global demand conditions. Industry leaders observed that demand is leveling off in several major export markets, including China, Hong Kong, and the Middle East, which has mitigated the slower demand from the US market. India's growing prominence as a worldwide center for manufacturing and processing, bolstered by skilled craftsmanship and competitive job work capacities, is underscored by the escalation in exports of gold-studded jewelry. During this period, improved access to raw materials and the normalization of supply chains are evident in the rise of silver jewelry exports. Aligned with India's broader objectives for trade, manufacturing, and export diversification, the strong performance in November reflects a revival of confidence in the gem and jewelry sector and confirms its significance as a key driver of export expansion, job creation, and value addition.

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