India’s export of plain gold jewellery to the UAE more than doubled in financial year (FY) 2024, Economic Times, an Indian financial daily, reported.

The UAE emerged as a major market, with exports rising 107.2% to $4.52 billion in FY 2024, compared to $2.18 billion in the previous year, the newspaper reported, citing figures issued by the Gem & Jewellery Export Promotion Council (GJEPC).

The implementation of India-UAE Comprehensive Economic Partnership Agreement (CEPA) couldn't have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets, the report said, quoting Vipul Shah, Chairman, GJEPC.

Overall exports of plain gold jewellery from India rose by 61.72% to $6.79 billion in FY 2024,  compared to $4.19 billion in FY 2023.

India’s financial year starts on April 1 and ends on March 31 of the following year.

Despite facing sluggish demand, the UAE's appetite for cut and polished diamonds remained high, reaching $1.71 billion.

GJEPC is in talks with  global diamond miners to increase investments to promote diamonds and diamond jewellery in the US, China, the Middle East, the newspaper said.

(Editing by Brinda Darasha;