Gems, jewellery exports decline 5 percent in November to Rs 19,018 crore

India’s gems and jewellery exports witnessed a 5 percent year-on-year decline to Rs 19,018 crore ($2,263 million) for the month of November, according to data by Gem and Jewellery Export Promotion Council (GJEPC).

In the month of November 2022, the gems and jewellery exports stood at Rs 19,917 crore. GJEPC attributed the decline in exports geopolitical issues and lack of demand.

“The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports,” Vipul Shah, chairman of GJEPC told PTI.

“The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year,” he added.

Meanwhile, the overall export of Cut and Polished diamonds (CPD) dipped by 10 percent in November to Rs 9,217.88 crore, as against Rs 10,202 crore for the same period of the previous year.

The total exports of gold jewellery grew by 9 percent to Rs 6,724 crore in November, as against Rs 6,158 crore in the same period a year ago.

GJEPC had earlier stated that it expects the country’s gems and jewellery exports to decline by 10 to 15 percent for the current financial year due to slowing demand in key markets like USA and China.