India’s jewellery exports rise to $2.35 bn in July

India's jewellery exports grew to $2.35 billion in July, marking a 0.38% increase compared to the previous year, according to the Gem & Jewellery Export Promotion Council (GJEPC). Despite a decline in cut and polished diamond shipments, overall exports rose in rupee terms by 11.68% to Rs 22,511.64 crore.

Gold jewellery played a significant role in the month's growth, with exports reaching $1.04 billion, an 8.73% increase. Studded gold jewellery exports surged 21.36% to $569.44 million, driven by demand from the UAE, Hong Kong, and Singapore. The decline in international gold prices also contributed to the positive outlook.

However, the weakness in diamond exports continued to impact the sector. Cut and polished diamond exports fell 18.23% year-on-year to $876.39 million, while polished lab-grown diamond exports declined by 8.23% to $112.26 million. Silver jewellery exports also slipped marginally by 0.23% to $76.88 million.

Looking at the April-July period, India's gross gem and jewellery exports stood at $9.17 billion (Rs 87,078.01 crore), growing by 2.44% in dollar terms and 13.58% in rupee terms compared to the same period last year. The value-added jewellery segments, such as studded gold jewellery, silver, and platinum, led the growth, with studded gold jewellery exports rising 21.09% to $2.24 billion and silver jewellery exports surging 72.19% to $508.18 million.