Surat: Defying geopolitical tensions and subdued global consumer sentiment, India’s gem and jewellery exports posted a robust recovery in June, driven by strong demand for gold jewellery, stabilising natural diamond prices and a sharp rise in lab-grown diamond exports.Gross exports jumped 26% year-on-year to $2.2 billion in June from $1.7 billion a year ago, signalling renewed momentum for the export-oriented sector. Cut and polished diamond (CPD) exports rose 8.7% to $847 million from $779 million. However, the April-June quarter remained largely flat, with overall exports steady at $6.6 billion, while CPD exports dipped 4% to $2.7 billion.“The key positive is the stabilisation of natural diamond prices, indicating that demand is returning. As currencies weaken globally, investors are also gravitating towards precious stones and metals,” an industry expert said.On the import front, overall gem and jewellery imports rose 10% to $1.7 billion in June. In contrast, rough diamond imports declined 27% to $700 million from $961 million. During April-June, rough imports plunged 32% to $2.1 billion, while volumes fell 15% to 228 lakh carats from 270 lakh carats. Industry sources said the lower inflow would help balance supply and support prices of cut and polished diamonds.Lab-grown diamonds (LGDs) continued their rapid growth. Polished LGD exports surged 52% in June to $101 million and rose 14% during the first quarter to $296 million.“Stabilising natural diamond prices are reviving confidence across the trade. The strong growth in studded jewellery exports is also benefiting the diamond cutting and polishing industry,” said Dinesh Navadiya, chairman of the Indian Diamond Institute.Gold jewellery remained the biggest growth driver, with June exports soaring 54% to $1.087 billion. Studded gold jewellery exports surged 85% to $634 million, while plain gold jewellery exports increased 25% to $454 million.For the April-June quarter, however, overall gold jewellery exports slipped 2%, as a 20% rise in studded jewellery exports was offset by a 23% decline in plain gold jewellery.Silver and platinum jewellery also recorded strong gains. Silver jewellery exports nearly doubled during the quarter, rising 98% to $431 million, while platinum jewellery exports increased 27% to $59 million, aided by higher precious metal prices.
