SURAT: In a significant sign of improving market sentiments, the gem and jewellery industry bounced back to pre-Covid levels registering 5.76% growth in exports between April and December 2021 to $29,084 million (Rs 2,16,072.56 crore) compared to $27,500.85 million (Rs 1,93,587.67 crore) for the same period in 2019.
The exports during the corresponding period in 2020 had witnessed a dip at $16,487.64 million.
The sector also recorded 29.49% growth in export in December 2021, compared to same month in 2019. December 2021 export was $3,040.92 million (Rs 22,914.63 crore) against $2,348.44 million (Rs 16,712.46) achieved two years ago.
The export of gold jewellery has recorded a minor, but noteworthy growth — in a sector that was not recovering for long since the first wave of Covid-induced pandemic began. Against $775.36 million in 2019, exports in December 2021 touched $778.04 million, which had earlier dropped to $502.59 million.
It should be noted that gold jewellery exports between April and December 2019 was $9,270.94 million that dipped to $3,065.88 million in 2020 and recovered to $6,915.21 in 2021. The growth is 25.41% less in comparison to 2019.
“India’s performance in the crucial Christmas quarter capped a spectacular year for the gem and jewellery industry. The holiday bounce has managed to offset part of the post-Diwali export slump when factories normally take a short break,” said Colin Shah, chairman, GJEPC.
“Holiday and festive demand were robust in important trading centres including the US, Hong Kong, Thailand, and Israel. And we have every reason to believe that this momentum will carry through the end of FY 2022, bringing us closer to the set target of $41.67 billion in exports,” Shah added.
