India's gems and jewellery exports declined by 12.17% in FY2023-24, according to the data released by the Gem and Jewellery Export Promotion Council (GJEPC).
GJEPC’s chairman Vipul Shah said that such a downturn can be attributed to the economic slowdown in the US, which is India's largest export market in this segment, high interest rates, as well as the slow economic recovery in China after Covid-19.
“The last financial year was very challenging for all product categories,” he said.
“Exports of precious stones and jewellery decreased by 12.17% to $31.8 billion.”
Last fiscal year, that figure was $36.2 billion at current exchange rates.
Additionally, the overall exports of cut and polished diamonds fell by 25.23% to $15.85 billion, while gross export of polished lab-grown diamonds dipped by 13.79% to $1.4 billion.
However, the total export of gold jewellery in the last financial year witnessed a growth of 20.57% and exceeded $11 billion.
The Indian gems and jewellery industry is one of the leading sectors in the country that provide foreign currency to the budget.
Hélène Tarin for Rough&Polished
