India’s gems and jewellery exports experienced a decline of 11.49 per cent, reaching Rs 22,873.19 crore (USD 2,748.01 million) in October, as per data from the Gem and Jewellery Export Promotion Council (GJEPC).
In comparison, gross exports in October 2022 were Rs 25,843.84 crore (USD 3,134.85 million).
Cut and Polished Diamonds (CPD) exports fell by 32.70 per cent to Rs 10,495.06 crore (USD 1,260.91 million) compared to Rs 15,594.49 crore (USD 1,891.2 million) in the same period last year.
The export of polished Lab Grown Diamonds (LGD) in October also decreased by 23.01 per cent to Rs 1,135.16 crore (USD 136.38 million) from Rs 1,474.38 crore (USD 178.73 million) in October 2022.
The slowdown in demand in key markets like the US and supply constraints of diamonds, constituting 50 per cent of total shipments, contributed to the overall decline, the news agency PTI reported.
Despite these challenges, the total gross export of gold jewellery saw a notable increase of 33.48 per cent, reaching Rs 8,619.38 crore (USD 1,035.54 million) in October, up from Rs 6,457.48 crore (USD 784.11 million) in the same period the previous year.
