Gem and jewellery exports rose 34 per cent to $2.92 billion last month. Strong gold jewellery shipments and polished diamond exports drove this growth. Kirit Bhansali said the rise was an "encouraging indicator of the industry's resilience." Manufacturers now use lightweight designs to meet global demand before the holiday season.
Strong gold jewellery shipments and a recovery in polished diamond exports drive growth ahead of the crucial year-end holiday season.
Gem and jewellery exports increased 34 per cent last month to $2.92 billion against $2.18 logged in the same period last year.
In rupee terms, it was up 45 per cent to ₹27,863 crore (₹19,254 crore), according to the data released by the Gem and Jewellery Export Promotion Council data released on Friday.
The strong October performance reflects the industry's continued export momentum and its efforts to meet international buyer requirements ahead of the year-end holiday season, one of the most important selling periods for jewellery markets across the United States, Europe and other key global destinations, it said.
Kirit Bhansali, Chairman, GJEPC said the growth in gem and jewellery exports last month was an encouraging indicator of the industry's resilience and its ability to respond to opportunities in international markets.
The strong performance comes at an important time, as global retailers and buyers prepare for the year-end holiday season, which traditionally drives significant demand for jewellery across major markets, he added.
Cut and polished diamond exports have turned positive and registered 10 per cent increase in October. Industry feedback points to improved trading activity, stronger order flows and renewed buying interest across key markets, while polished diamond prices have also shown signs of firming in recent months, he said.
Gold jewellery has been a particularly strong contributor, with export growth of 48 per cent in October and studded gold jewellery registering a 67 per cent growth.
While rising gold prices have contributed to higher export values, the growth also points to continued business activity and buyer interest, said GJEPC.
Between April and October, gem and jewellery exports increased 7 per cent to $17.22 billion ($16.05 billion).
Silver jewellery exports grew 29 per cent during April-October, reflecting sustained international demand. While higher silver prices have boosted export values, they have also increased raw material and working capital costs, making buyers more cautious about order quantities.
Manufacturers are responding with lightweight designs and value engineering. India's strengths in design, craftsmanship and manufacturing continue to support the segment's competitiveness, it added.