Gems and jewellery exports saw a decline of 12.17% to INR 2,65,187.95 crore ($32,022.08 million) during 2023-24, compared to the previous financial year, as per data from the Gem and Jewellery Export Promotion Council (GJEPC). This drop is attributed to high-interest rates in the US and a slow recovery in China.
According to data from the Gem and Jewellery Export Promotion Council (GJEPC), gems and jewellery exports amounted to INR 3,01,925.97 crore ($37,646.17 million) in FY23.
All of the product lines faced significant challenges during the previous fiscal year. This was mostly brought on by a slowdown brought on by high lending rates in the US, India’s largest export market in this sector. Additionally, China’s post-COVID-19 recovery is still going slowly, GJEPC Chairman Vipul Shah said.
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During FY24, the overall exports of Cut and Polished diamonds witnessed a decline of 25.23% to INR 1,32,128.29 crores ($15,966.47 million), compared to INR 1,76,716.06 crores ($22,046.9 million) for the corresponding period in the previous year.
In FY24, the provisional gross export of Polished Lab Grown Diamonds experienced a decline of 13.79% to INR 11,611.25 crores ($1,402.3 million), compared to INR 13,468.32 crores ($1,680.22 million) in FY23.
Nevertheless, the provisional export of total gold jewellery saw a notable growth of 20.57% to INR 92,346.19 crore ($11,140.780 million) in FY24, compared to INR 76,589.94 crore ($9,538.84 million) in the preceding year.
In FY24, the provisional gross export of silver jewellery witnessed a significant decline of 43%, amounting to INR 13,406.1 crores ($1,616.42 million), down from INR 23,556.71 crores ($2,939.9 million) in FY23.
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