The Gem & Jewellery Export Promotion Council (GJEPC) has released its monthly diamond trade data for July 2024.
The total gross exports of gems and jewellery continue to decline, falling 23.28% to $1.6 billion in July compared to $2.17 billion in the same period last year.
The total gross imports of jewellery continued to decline for the second month. They amounted to $1.4 billion, down 16.6% from $1.68 billion in July last year. Overall, in the four months of the new financial year (April to July), exports declined 11% to $8.59 billion compared to $9.65 billion in the same period last year.
Polished diamond exports fell by 22.7% to $907.7 million in July compared to last year, while imports plummeted by 51% to $81.94 million.
Rough imports declined 17.2% in July to $913.2 million compared to $1.1 billion a year earlier.
Rough diamond imports also declined in April-July, although not as significantly when compared to other indicators. Thus, financial year to date, India imported rough diamonds worth $4.3 billion, which is 15.8% less than the same period last year, when it exceeded $5 billion.
Gross exports of lab-grown diamonds (LGD) in July 2024 amounted to $94.72 million, which is 10.2% less than in July 2023, when it reached $105.5 million.
In July, India exported gold jewelry, including with precious stones, for $530.4 million, which is 12% less than the same period last year ($603.12 million).
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
