India’s gems and jewellery exports declined by 30.57 per cent in October to USD 2,168.05 million (Rs 19,172.890 crore) compared to the same period of previous year, according to industry body GJEPC.
The overall exports of the sector stood at USD 3,122.52 million (Rs 26,237.1 crore) in October 2024, showed the data released by the Gems and Jewellery Export Promotion Council (GJEPC).
“The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented. Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down. The decline in gold and silver exports is triggered by volatile bullion prices,” GJEPC chairman Kirit Bhansali told PTI.
However, he added that in November the exports are expected to pick up again as the Chinese markets are slowly recovering and there will be Christmas demand in other key markets.
Exports of cut and polished diamonds witnessed a decline of 26.97 per cent at USD 1,025.99 million (Rs 9,071.41 crore) in October compared to USD 1,404.85 million (Rs 11,806.45 crore) recorded in the same period of previous year.
Shipments of polished lab-grown diamonds in October also dipped by 34.90 per cent to USD 94.37 million (Rs 834.45 crore) against USD 144.96 million (Rs 1,218.25 crore) in the corresponding month of the previous year.
Gold jewellery exports also dropped by 28.4 per cent to USD 850.15 million (Rs 7,520.34 crore) compared to USD 1,187.34 million (Rs 9,975.17 crore) in the same period of previous year.
Similarly, exports of coloured gemstones during April-October saw a decline of 3.21 per cent to USD 250.14 million (in Rs 2,173.08 crore) from USD 258.42 million (Rs 2,163.52 crore) of shipments registered in the year-ago period.
Silver jewellery exports during October dipped by 16 per cent to USD 121.37 million (Rs 1,072.81 crore) compared to USD 145.05 million (Rs 1,219.01 crore) in the same period of 2024, the data showed.
