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India's Gem and Jewellery Exports Surge 24% YoY in February

India's gem and jewellery exports experienced a surge of 24% YoY in February, driven by the quick recovery of Chinese and Middle Eastern markets, according to the Gem and Jewellery Export Promotion Council (GJEPC). Total exports amounted to INR 28,832.86 crore ($3.8 billion), up from INR 23,326.8 crore ($3.1 billion) in February 2022. Cut and polished diamonds saw the largest growth, rising 32% to INR 19,582.4 crore ($2.6 billion), while gold jewellery exports grew 29.89% to INR 5,829.65 crore ($772 million).

The GJEPC's chairman, Vipul Shah, partly attributed the growth to a strong demand from China and the Lunar New Year festivities. Cumulative exports between April and February 2022-23 also increased by 5.27% to INR 278,960.6 crore ($37 billion).

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