There has been a decline of 31 percent in gems and jewelery exports.
There has been a tremendous increase in the prices of gold in the current year. Especially in the month of October, gold prices had reached record levels from foreign markets to local markets. Due to which the prices of jewelery also skyrocketed. On top of that, Trump’s tariffs also stood as a villain. Due to which there was less demand for Indian gems and jewelery in foreign markets and a decline of about 31 percent was seen in exports in the month of October as compared to the same period last year. Let us also tell you what kind of figures have come out from the sector…
31 percent decline in exports
According to industry body GJEPC, India’s gems and jewelery exports declined by 30.57 percent to $2168.05 million (Rs 19,172.890 crore) in October compared to the same period last year. According to the data released by the Gems and Jewelery Export Promotion Council (GJEPC), the total exports of this sector in October 2024 were seen at $ 3122.52 million (Rs 26,237.1 crore). GJEPC Chairman Kirit Bhansali said the decline in total exports in October was mainly due to increase in demand before the implementation of US tariffs.
He said that most of the stock for festivals was accumulated before August 27, so the demand remained low in October. The decline in gold and silver exports is due to fluctuations in bullion prices. However, he said exports are expected to pick up again in November as Chinese markets are gradually improving and there will be Christmas demand in other key markets.
Decrease in export of diamonds
Exports of cut and polished diamonds declined by 26.97 percent to $ 1,025.99 million (Rs 9,071.41 crore) in October, compared to $ 1,404.85 million (Rs 11,806.45 crore) in the same period last year. Exports of polished and lab-grown diamonds also declined by 34.90 per cent to $94.37 million (Rs 834.45 crore) in October, compared to $144.96 million (Rs 1,218.25 crore) in the same month last year.
Gold jewelery export also declined
Gold jewelery exports also declined by 28.4 per cent to $850.15 million (Rs 7,520.34 crore), compared to $1,187.34 million (Rs 9,975.17 crore) in the same period last year. Similarly, exports of colored gems declined by 3.21 per cent to $250.14 million (Rs 2,173.08 crore) during April-October, compared to $258.42 million (Rs 2,163.52 crore) in the same period a year ago. According to the data, silver jewelery exports declined by 16 percent to $ 121.37 million (Rs 1,072.81 crore) during October, compared to $ 145.05 million (Rs 1,219.01 crore) in the same period of 2024.