Asia Pacific Market Trend Trade

India’s Jewellery Exports Decline in Q1 of 2023 – Analysis Report

  • India’s jewellery exports declined from USD 10093 million in Q1 of 2022 to USD 9921 million in Q1 of 2023.
  • India’s jewellery exports rose by 16% in Q1 of 2023 compared to the previous quarter.
  • India supplied diamonds the most to the world among other jewellery items.
  • The United States of America stood as the top export destination of Indian jewellery

Exports of Jewelry (Jan-2022 to Mar-2023)

India’s jewelry exports reported a decline in March 2023 compared to the same month of 2022. The country shipped jewellery worth USD 2,980 million in March 2023, down from USD 4,006 million recorded in March 2022. Percentage-wise, March 2022 recorded 24% growth in the value of shipments while March 2023 saw a decline of -23%. Here is a chart and table that shows India’s exports of jewellery from Jan-2022 to Mar-2023.

MonthValue USD Million% Change

India’s Exports of Jewelry by Quarter

Quarter-wise, India’s exports of jewelry saw a growth of 16% in Q1 of 2023. The second quarter of 2022 also recorded a positive growth, otherwise other quarters reported a negative growth. Here’s a data visualization of India’s exports of jewellery by quarter.

QuarterValue USD Million% Change

India’s Jewelry Exports 2022 by Heading

By heading, India exported diamonds the most in 2022, followed by articles of jewelry. Other top jewellery items were precious & semi-precious stones, precious & semi-precious stones (whether worked or not), and waste & scrap of precious metal. Take a look at the chart to analyze India’s exports of jewelry by heading.

HS CodeProduct DescriptionValue USD Million
7113Articles of Jewelry11154
7104Precious and Semi-precious Stones2055
7103Precious and Semi-precious Stones (Whether Worked or Not)429
7112Waste and Scrap of Precious Metal182

India’s Top Export Partners For Jewellery

The United States of America is the top destination country for India’s jewellery exports. In 2022, India shipped jewellery worth USD 13,483 million to the U.S., followed by Hong Kong (USD 8,290 million), and the United Arab Emirates (USD 5,766 million). See the chart to know the list of India’s top 10 export destinations of jewellery.

Forecast of Exports by Quarter

As per the forecast, India is expected to see an increase in exports of jewelry in the second quarter of 2023, followed by a decline in the value of shipments in the rest of the quarters. The year 2024 is expected to start on a positive note as India’s jewellery exports would see a marginal rise in the first quarter of the year. Below chart and table shows the forecasted values of India’s jewellery exports.

India is one of the largest exporters of pearls and precious metals & stones, in which diamonds share the highest market. The industry contributes about 7% to India’s Gross Domestic Product (GDP). It contributes about 10-12% of India’s total merchandise exports. India majorly exports cut & polished diamonds, lab-grown synthetic diamonds, coloured gemstones, synthetic stones, and so on.

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