In June, India’s total exports of gems and jewellery experienced a 13.44% year-on-year decline, amounting to Rs 15,939.77 crore (USD 1,909.57 million), reflecting subdued demand in international markets, as reported by the Gem and Jewellery Export Promotion Council (GJEPC).
Overall, exports in this sector for June 2023 were recorded at Rs 18,413.88 crore (USD 2,240.77 million), according to GJEPC data.
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The overall exports of cut and polished diamonds dipped by 25.17 per cent in June to Rs 8,496.87 crore (USD 1,017.87 million), compared to Rs 11,354.67 crore (USD 1,382.13 million) for the same period of the previous year.
Colin Shah, former GJEPC chairman and MD, Kama Jewelry, 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.”
Shah said this was mainly due to the weak demand from the key markets, China being the key one as it accounts for approximately a third of India’s cut and polished diamond exports.
However, the total gold jewellery exports went up by 7.97 per cent at Rs 5,074.27 crore (USD 608.01 million) as compared to Rs 4,699.56 crore (USD 571.63 million) for the same period of the previous year.
“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 the wearable purpose,” Shah added.
Gem & Jewellery Export Promotion Council
GJEPC, established in 1966, serves as the foremost organisation promoting India’s export-driven growth in the gem and jewellery sector. Based in Mumbai, it operates regional offices nationwide and boasts a membership exceeding 10,000.
(With PTI inputs)
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