The export data of platinum and pure gold jewelry for the years 2023-24 has brought hope to the Indian gem and jewelry industry. In the fiscal year 2023-24, India's export of platinum jewelry increased by 449%, rising from $29.77 million in the previous year to $163.48 million. The export of pure gold jewelry in the fiscal year 2024 soared by 62% to $6.79224 billion, compared to $4.19996 billion in 2022-23.

The UAE has emerged as a significant market for India's gold jewelry exports, witnessing a growth of 107.2% in the fiscal year 2023-24 to reach $4.52866 billion, compared to $2.18567 billion in the previous year. The UAE and Bahrain markets together account for over 85% of India's export of pure gold jewelry. Export of gold jewelry to Australia also increased by 37%.

During the period from April to September 2023, the total volume of gold jewelry (plain and studded) declined by 10.47%, but there was a strong rebound in the second half of the year, achieving a growth of 46.91%.

According to jewelry manufacturers, the demand for platinum jewelry is primarily driven by customers from the United States and Japan.

The preferences of the younger generation are more experimental, both in India and abroad. Over the past year, there has been a significant increase in preference for two-tone jewelry, leading to increased demand for platinum alloy jewelry. This alloy is more durable and holds precious metal value.

In the fiscal year 2023-24, the total export value of gold jewelry and studded gold jewelry increased by 16.75% to $11.23018 billion, compared to $9.6188 billion in the previous year.

Meanwhile, in 2023-24, the export value of cut and polished diamonds decreased by 27.58% to $15.96702 billion, compared to $22.04772 billion in the previous year.

The total export value of gem and jewelry decreased by 14.45% to $32.28585 billion in 2023-24, compared to $37.73705 billion in the previous period. The export total of lab-grown diamonds for polishing decreased by 16.54% to $1.40244 billion, down from $1.68029 billion in the previous year.

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