India's Gem & Jewellery Export Promotion Council (GJEPC) summed up the results of October sales and, in general, the last seven months - from April to October.
For the seven months of the current financial year, compared to the same period last year, a decline in the export and import of precious stones and jewelry was recorded. Total gross exports decreased by 9.1% to $16.6 billion compared to $18.2 billion for the same period in 2023.
At the same time, total gross imports of precious stones and jewelry in the amount of $11.5 billion showed a decrease of 7.74% compared to $12.4 billion for the same period of the previous year. In October, total gross exports increased by 9.18% to $2.99 billion compared to $2.75 in October last year. At the same time, total gross imports of precious stones and jewelry amounted to $1.49, down 14.65% from $1.74 billion in the same period last year.
In October, total gross exports of diamonds increased by 11.32% to $1.4 billion, while imports increased by 4.79% to $205.91 million.
From April to October, diamond exports amounted to $8.3 billion, down 16.56% from $9.96 billion in the same period last year. Imports also decreased over the same period, down 14.45% to $834.81.
Over the seven months, gross imports of rough diamonds fell significantly - by 24.3% - reaching $6.42 billion. In volume terms, imports of rough diamonds amounted to 5.9 million carats during this period, which is 17.35% less than last year.
Exports of lab-grown diamonds in October increased slightly by 1.27% to $138.12 million, while data for the seven months indicate a downward trend in exports. Thus, from April to October, they fell by 7.9% to $766.59 million.
Sales of gold jewelry - both simple and with stones - generally showed growth, which cannot be said about silver jewelry, the export of which fell by 21.3% in April - October. Exports of platinum products increased slightly - by 3.5%.
Sales of gold medallions and coins unexpectedly jumped. From April to October, export growth of 6200% was recorded. The volume was $117.88 million versus $1.90 million last year.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
