India's overall gems and jewellery exports dipped by 4.62 per cent to USD 2,037.06 million in April, as compared to the same month of the previous financial year, according to the Gem and Jewellery Export Promotion Council (GJEPC) data.
The overall gems and jewellery exports stood at $32.2 billion (Rs 2.67 lakh crore) in 2023-24, according to GJEPC data. However, in March, the exports improved slightly, witnessing a growth of 1.02 per cent at $2,582.97 million (Rs 22,340.89 crore), compared to $2,556.97 million (Rs 21,228.71 crore) in the same month of the previous year, it added.
“The decline in gems and jewellery exports is mainly due to the continuous dip in demand in China as well as the US, India’s key export markets, due to the ongoing geopolitical tensions.”
“Also, the correction in rough diamond prices by 10-15 per cent impacted the value, causing the overall decline in exports,” GJEPC Chairman Kirit Bhansali said.
The overall export of 'Cut and Polished' diamonds declined by 6.12 per cent to USD 1,108.74 million in April, compared to USD 1,180.99 million in the same period a year ago.
The total shipment of gold jewellery witnessed a dip of 5.41 per cent at USD 684.51 million during the month under review, as compared to USD 723.63 million for the same period of the previous year.
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Gross export of 'Polished Lab Grown Diamonds' in April was almost flat with a growth of just 0.41 per cent at USD 110.74 million, over USD 110.29 million in the same month of FY25.
Silver jewellery exports in April too declined by 12.03 per cent at USD 38.3 million.
However, exports of 'Coloured Gemstones' witnessed a growth of 11.95 per cent at USD 27.76 million, compared to USD 24.8 million in the same period of the previous year.
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