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Home > All news > Business, Export Import > Plain Gold Jewellery Exports Grew by 61.72% to US$ 6792.24 million in FY 2023-24

Plain Gold Jewellery Exports Grew by 61.72% to US$ 6792.24 million in FY 2023-24

April 24, 2024
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Mumbai - For the FY 2023-24, exports of Plain Gold Jewellery grew by an impressive 61.72% to US$ 6792.24 million as compared to US$ 4199.96 million in FY 2022-23.

Total Gold jewellery (plain & studded jewellery), which experienced a 10.47% decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%.

The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach USD 4,528.66 million in FY 2023-24, compared to USD 2,185.67 million in the previous year. Markets of UAE & Bahrain accounted for over 85% of India’s plain gold jewellery exports

Australia also witnessed a growth of 37% in plain gold jewellery exports attributing its growth to the India-Australia ECTA

Speaking about  the increase in plain gold jewellery exports Vipul Shah, Chairman , GJEPC, said, “The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the Govt. The implementation of India-UAE CEPA couldn't have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand .”

Gross export of total Gold Jewellery (both Plain & Studded) for the FY 2023-24 grew 16.75% to US$ 11230.18 million over the comparative figure of US$ 9618.80 million for previous year.

Disclaimer: This information has been collected through secondary research and Daily Shipping Times is not responsible for any errors in the same.

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