Export and Import Dynamics of Gems and Jewellery: A Trend Analysis

Abstract

India being one of the larger importer of the gold in the world has made significant impact on the gold and Diamond jewel industry at the global level. India is one of the largest exporters of diamonds in the world has huge scope at the national level. The gems and jewellery industry of India contributes 7% to India’s Gross Domestic Product (GDP). The industry employs more than five million skilled and semi-skilled workforce in the country. The sector contributes about 15.71% of India’s total merchandise exports, accounting for the third largest commodity share. During 2023-24 (until February 2024), the gems and jewellery exports to reach US$ 29.61 billion with a decline in growth of 15.31% from 2022-23. This paper tries to analyze the statistics related to export and import of Gems and Jewellery industry for the period ranging from 2013-14 to 2022-23. Commodities like Jewellery of gold set with Pearls, Jewellery of gold set with Diamond, Silver jewellery set with Gems and Silver filigree work with HS Code 71131920, 71131930, 71131120 and 71131110 respectively has been selected for the purpose of analysis. Mean and CAGR has been employed to analyze the collected secondary data. It has been found that export values are significantly much higher than the import values with regard to all the four selected commodities on the other hand, export values continuously declining write from 2013-2014 to 2022-23. Further, Gold jewellery set with pearls and Gold jewellery set with diamonds have earned more business when compared with Silver commodities. When it comes to Diamond business at the international level, India is standing a way forward from many other countries. Further research can be take up on more number of products from gold, silver and diamond segments with the data spanning for the longer duration for the more specific analysis of import and export dynamics.