The UAE and Bahrain collectively represent over 85% of India's plain gold jewellery exports in FY24.

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The UAE and Bahrain collectively represent over 85% of India's plain gold jewellery exports in FY24.

Team Finance Saathi

23/Apr/2024

Key Points:

India's plain gold jewellery exports witnessed an impressive 61.72% surge in FY24, reaching US$ 6,792.24 million, driven by strong performances in key markets such as the UAE and Bahrain.
Despite a slight decline in the first half of the fiscal year, a robust rebound of 46.91% in the latter half, along with notable growth in Australia, contributed to the overall upswing.
The UAE emerged as a significant market, experiencing a remarkable 107.2% growth in Indian plain gold jewellery exports, attributed to pragmatic trade agreements like the India-UAE CEPA.

In the fiscal year 2024, India witnessed a remarkable surge in its exports of plain gold jewellery, painting a promising picture for the country's thriving jewellery industry. The numbers speak volumes: a staggering 61.72% increase propelled exports to US$ 6,792.24 million, capturing the attention of global markets. Behind this surge lie intriguing patterns and strategic maneuvers that underscore the resilience and adaptability of India's jewellery sector.

Understanding the Dynamics: Peaks and Valleys

The journey of India's gold jewellery exports in FY24 was marked by both challenges and triumphs. Despite a modest decline of 10.47% in the first half of the fiscal year, the latter half witnessed a remarkable rebound, boasting a robust growth of 46.91%. This resurgence not only compensated for the earlier setback but also propelled the industry to new heights. Moreover, amidst these fluctuations, Australia emerged as a notable player, experiencing a substantial 37% growth in exports, a testament to the positive impacts of bilateral agreements such as the India-Australia ECTA.

Unveiling Market Dominance: UAE and Bahrain's Role

While the surge in India's gold jewellery exports encompasses various destinations, the dominance of the UAE and Bahrain cannot be overstated. Together, these nations commanded over 85% of the market share, with the UAE emerging as a clear frontrunner. Experiencing an astonishing 107.2% growth in Indian plain gold jewellery exports, the UAE proved to be a pivotal destination for India's jewellery trade. This surge can be attributed to pragmatic trade agreements like the India-UAE CEPA, which facilitated smoother trade relations and opened new avenues for collaboration.

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Strategic Partnerships and Policy Advocacy

At the heart of India's success in the jewellery export market lies a combination of strategic partnerships and proactive policy advocacy. The Chairman of GJEPC, Mr. Vipul Shah, emphasized the role of such collaborations in driving growth and sustainability. He credited the surge in exports to forward-thinking agreements like the India-UAE CEPA, which provided a conducive environment for trade expansion. However, Mr. Shah also acknowledged the challenges posed by the overall decline of 14.45% in the gross exports of gems & jewellery in FY24. In response, GJEPC has been actively engaging with the government to implement favorable policies in forthcoming trade agreements, with a focus on stimulating exports to key markets such as the GCC, Canada, the UK, and the EU.

Looking Ahead: Opportunities and Challenges

As India's jewellery industry continues to navigate through dynamic global landscapes, both opportunities and challenges lie on the horizon. The surge in gold jewellery exports in FY24 underscores the sector's resilience and adaptability, positioning India as a formidable player in the global jewellery market. However, amidst the celebrations, it's imperative to address the broader challenges facing the industry, including fluctuating market demands, evolving consumer preferences, and regulatory complexities. By leveraging strategic partnerships, advocating for favorable policies, and embracing innovation, India's jewellery sector can chart a course towards sustained growth and prosperity in the years to come.

Conclusion: A Shimmering Future

India's gold jewellery exports in FY24 tell a story of resilience, innovation, and strategic collaboration. The surge in exports, propelled by strong performances in key markets and bolstered by pragmatic trade agreements, signals a promising future for the country's jewellery industry. As India continues to navigate through dynamic global landscapes, it must harness the power of partnerships, advocacy, and innovation to sustain this momentum and emerge as a shining beacon in the global jewellery market. With a blend of tradition and modernity, craftsmanship and innovation, India's jewellery sector stands poised to illuminate the world with its brilliance.

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The UAE and Bahrain collectively represent over 85% of India's plain gold jewellery exports in FY24.

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