India’s gems and jewelry export market is seeing exponential growth by 92.37% in the year 2021 as compared to the year 2020 with the revenues reaching around 2800 million dollars in the month of June 2021 as stated in a report by Gem and Jewelry Export Promotion Council (GJPEC). The export of cut and polished diamonds also increased by 113.25% in the month of June 2021 generating revenue of over 2000 million dollars which was around 898.30 million dollars in the last year.
Also, the export of gold jewelry escalated by 400% reaching 570.05 million dollar revenue in June 2021 which is an immense surge as compared to the same month in the previous year. These statistics reflect the rising current growth and also the strong prospects of growing India’s jewelry export market.
Several reasons that led to this surge in the Indian jewelry exports are explored below:
- The strong resurgence of demand within the USA, UAE, and several European import and retail markets: With the gradual opening of markets, lifting of entry bans, ease in restrictions, and the festive season have uplifted the once gloomy markets, creating a huge demand for precious and studded jewelry.
- Digital exhibitions & Trade shows: Virtual exhibitions and trade shows contributed immensely in creating space for new business opportunities which could have been missed due to lockdown and slow market growth. Further, virtual meeting apps like Zoom, Google meet and Skype aided to strengthen the communication between the buyers and sellers.
- Government support: Indian government has also contributed immensely to the growth of India’s jewelry exports by imposing no lockdown in the manufacturing locations such as the Special Economic Zone factories where Gallant Jewelry is also located was operational to cater to the growing export demand. It also provided a livelihood for the daily wage workers and re-boosted the economy.
The expansion of India's gems and jewelry export business has made a significant contribution to the country's economic recovery. The future of India's gems and jewelry business is expected to reach new heights, thanks to high demand from global markets, digital exhibits and trade shows, and government support.