In recent decades, India has emerged as a major exporter, which has contributed to the Indian economy expanding to new heights. For Indians, gold is a priceless asset. We love to wear gold jewellery, but we also love to invest in this priceless metal to make money. India is proud of the wide variety of jewellery products it exports, including gold, diamonds, silver, and gemstones. Based on Jewellery export data, the GDP of India's gem and jewellery export sector reached 7% in 2021. The Indian government has designated it as a crucial area for export development. This blog will surely assist you in knowing the market data for Jewellery products and identifying the list of the best gems and jewellery to export from India.
As we know, the diamond and Jewellery market plays a crucial role in the Indian economy. In the culture of the nation, gold has a significant place as an asset of value, a sign of wealth and prestige, and a component of numerous celebrations.
The nation as a whole regards gold as a festival rather than an ornament; in the north, it is associated with Baisakhi and Karva Chauth; in the east, Durga Puja; in the west, Gudi Pavda; and in the south, Akshaya Tritiya. Indian weddings account for over 50% of the annual demand for gold.
The gems and jewellery industry contributes almost 7% to the country's GDP and employs over 5 million people. The sector was assessed at INR 5.63 trillion in 2020 and is expected to reach INR 6.64 trillion by 2023.
Explore the following gem and jewellery export data to have a clearer understanding of this industry's potential for growth.
Based on jewellery export data, India’s market for gems and jewellery reached an approximate value of US$78.50 billion in FY21. The increase in exports is primarily due to the US export market's increasing import demand and the completion of orders placed by various Indian exhibitors during GJEPC's Virtual Buyer-Seller Meets (VBSMs).
In 2021–2022, India's gem and jewellery exports reached US$ 39.14 billion, rising 54.13% from the previous year as per jewellery export data. India's gem and jewellery exports from April to December 2022 were US$28.6 billion, rising 6.28% from the same time last year. Exports during April through March 2023 amounted to US$37.95 billion, as per gold jewellery export data.
Based on Jewellery export data, the export data for the April month of 2023 was valued at $2.43 billion. This marked a decline of 30% as compared with last year's exports of $3.47 billion in the same category.
According to Colin Shah, managing director at Kama Jewellery, the export basket could potentially drop by 10-15% if present market conditions persist throughout FY24.
As we know, Indian jewellery is known for its fine craftsmanship, complex designs, and affordable costs. Due to this, buyers from all over the world favour it.
In the fiscal year 2022, India exported pearl, precious, and semi-precious jewellery worth over 26.2 billion dollars, as per imitation jewellery export data. These are some major commodities exported from India:
Overall gross exports of cut and polished diamonds stood at Rs 1,766,696.95 crore, a decline of 2.97% year-on-year. Although India sells jewellery to markets around the world, the United States, China, Hong Kong, the United Arab Emirates, Belgium, Israel, Thailand, and the United Kingdom are the top importers based on Jewellery import data. If you need updated and reliable gold export data, you can connect with Seair Exim Solutions. We provide India export import data, and HS codes for specific products. Also, get gems export data
Did you know? Western Region is a key export hub for the gems and Jewellery Industry
Based on Jewellery export data, India exports Jewellery and Gems to several countries, such as:
As per the Jewellery import data, the USA is the largest importer of Indian Jewellery, valued at US$ 14.5 billion in 2021-22 from US$ 8.7 billion in exports in 2020-21. Hong Kong and the UAE are also the major export destinations from India, with an export value of US$9.3 billion and US$5.7 billion, respectively.
Other key export destinations like Thailand, the Netherlands, and Israel have shown notable growth, with exports valued at US$ 1.2 billion, US$ 694.6 million, and US$ 1.5 billion, respectively, recording increases of upwards of 60% over 20219-20 levels.
Some of the major destinations, including Thailand, the Netherlands, the United Kingdom, and Israel, noticed a significant rise in the import of gems and jewellery from India between the pre-pandemic years 2019–20 and 2021–2022.
This can be largely defined by the consumer spending patterns that occurred prior to the pandemic, as well as the rise in retail sales following the removal of all COVID-19 limitations.
Also Read: India's Top Exports and Who Buys Them
The opening of the India Jewellery Exposition Centre in Dubai and the signing of agreements with important export markets like Australia, Israel, the United Kingdom, and Canada, among others, could also support export growth in the coming years.
A standardized numerical system for classifying commercial goods is called the Harmonized System. The Harmonized System is operated by the World Customs Organization (WCO) and is changed every five years. The Harmonized System assigns six-digit codes for various commodities and classifications. Products made of gems and jewellery fall under Chapter 7. If you need the specific HSN codes for your product, search HS code on our dedicated data-driven platform
To find accurate and updated gold jewellery export data, you can visit the Seair Exim Solutions platform to gain access to the real-time jewellery export database in India.
We provide authentic and genuine India export import data, HS Codes, etc. The process of finding gold export data is quite difficult for traders. Seair Exim Solutions is one of the ultimate import-export data providers in India. It offers 100% genuine, trusted, and reliable market statistics for gold and diamond products.
In conclusion, the extensive increase in the export of gems and jewellery is being attributed to both a notable shift in global demand and Accurate Export import data indicating that there will likely be a significant increase in demand for jewellery created in India in the near future. So, if you are looking for authorized global trade data, Seair Exim Solutions can be your most satisfactory service provider. Reach info@seair.co.in today and easily obtain a free live demo!
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