The Gem and Jewelry Export Promotion Council (GJEPC) reported a 4.52% year-on-year decline in gem and jewellery exports, amounting to ₹19,018.180 crore ($2,263.34 million) in November.
This drop, from ₹19,917.73 crore ($2,437.53 million) in November 2022, is attributed to supply disruptions. GJEPC Chairman Vipul Shah mentioned that the industry in India has taken the decision to cease rough diamond imports from October 15 to December 15 due to geopolitical issues and low demand, leading to improved exports in November. The pause in rough diamond imports and higher demand during festivals boosted exports.
He added, The industry anticipates improvement ahead and foresees exports in FY24 surpassing the performance of the previous financial year.
Furthermore, Cut and Polished diamond (CPD) exports dipped by 9.65% to ₹9,217.88 crore ($1,100.09 million), compared to ₹10,202.54 crore ($1,248.41 million) the previous year.
Gold jewellery exports, however, saw a positive trend, growing by 9.2% to ₹6,724.95 crore ($797.45 million) in November, up from ₹6,158.56 crore ($753.5 million) a year ago.
Looking at the period from April to November, polished Lab Grown Diamond exports witnessed a significant decline of 20.12%, totaling ₹7,783.24 crore ($941.1 million) compared to ₹9,743.28 crore ($1,227.77 million) in the same period last year.
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