Gem and jewellery exports to the UAE have started showing the positive impact of the Comprehensive Economic Partnership Agreement (CEPA) signed with it in May.
Plain gold jewellery exports to the UAE have grown 72 per cent and 69 per cent to Rs 1,048 crore and Rs 1,452 crore respectively in May and June this year, against Rs 609 crore and Rs 861 crore in the same period last year , according to data released by the Gem and Jewellery Export Promotion Council on Thursday.
Gem and jewellery exports to the UAE in the first quarter of this fiscal were up 10 per cent at Rs 9,803 crore (Rs 8,904 crore).
Demand from key markets such as the US (Rs 28,975 crore), Hong Kong (Rs 17,246 crore), Belgium (Rs 4,646 crore) and Israel (Rs 2,854 crore) also remained strong in the first quarter of this fiscal.
In June, exports of gems and jewellery recorded 21 per cent growth to Rs 25,296 crore (Rs 20,836 crore) and 14 per cent in dollar terms to $3.24 billion ($2.83 billion).
Between April and June, overall gems and jewellery exports recorded 15 per cent growth to Rs 77,050 crore and 10 per cent in dollar terms to $9.98 billion.
Colin Shah, Chairman, GJEPC, said plain gold jewellery exports have been the immediate beneficiary of the India-UAE CEPA that has accelerated the growth momentum to achieve $75 billion in exports.
In June, the gross export of cut and polished diamonds recorded 2 per cent growth to $2.01 billion (Rs 15,737 crore).
Gold jewellery witnessed 28 per cent growth to $723 million (Rs 5,641 crore) against $555 millon).
Q1 trend
In the quarter ended June, overall gross exports of cut and polished diamonds witnessed a growth of one per cent to $6.26 billion (Rs 48,347 crore).
Gold jewellery recorded a growth of 25 per cent to $2.16 billion (Rs 16,694crore). Silver jewellery exports increased 29 per cent at $810 million (Rs 6,258 crore).