India’s overall gems and jewellery exports witnessed a 13 percent decline in June 2024 at Rs 15,940 crore ($1,909.57 million) as against Rs 18,414 crore in June 2023, said Gem and Jewellery Export Promotion Council (GJEPC).
The decline in exports was attributed to muted demand from overseas markets including key markets like China among others.
The overall exports of cut and polished diamonds was Rs 8,496 crore while gold jewellery exports stood at Rs 5,074 crore.
Commenting on the decline in exports, Colin Shah, chairman of GJEPC in a statement said, “This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets, which has pushed the demand southwards in the overseas markets.”
“The uptick in exports of gold jewellery was following the robust demand in the global market as prices are currently less volatile, which has encouraged consumers to make the most out of this situation and purchase the yellow metal as an investment avenue as well as for wearable purpose,” Shah added.
With exports declining, GJEPC had recently made suggestions to the government to promote the industry worldwide to mitigate this global downturn.
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