UAE, Bahrain account for over 85% of India's plain gold jewellery exports in FY24

In FY24, India's plain gold jewellery exports surged by 61.72% to US$ 6,792.24 million, with UAE and Bahrain dominating the market share at over 85%. Despite a 10.47% decline in gold jewellery exports in the first half of the fiscal year, a strong rebound of 46.91% was witnessed in the latter half, with Australia also experiencing a notable 37% growth in exports, attributed to the India-Australia ECTA.

The UAE emerged as a key market, registering a remarkable 107.2% growth in Indian plain gold jewellery exports, reaching US$ 4,528.66 million in FY24. Chairman of GJEPC, Mr. Vipul Shah, credited this surge to pragmatic foreign trade agreements like the India-UAE CEPA. However, despite these positive developments, the overall gross exports of gems & jewellery in FY24 declined by 14.45% to US$ 32,285.85 million compared to the previous period. He highlighted GJEPC's proactive engagement with the government to implement favourable policies in forthcoming trade agreements, aiming to stimulate exports to key markets, including the GCC, Canada, the UK, and the EU.

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