Gems And Jewellery Exports Drop 10% In December

New Delhi, Jan 18 (KNN) India's gems and jewellery sector experienced a significant downturn in December 2024, with total exports falling 10.29 percent to  USD 1,967.98 million compared to the same period last year, according to the Gem and Jewellery Export Promotion Council (GJEPC). 

The decline, equivalent to Rs 16,719.460 crore, marks a considerable drop from December 2023's figures of  USD 2,193.82 million.

GJEPC Chairman Vipul Shah attributed the decline to ongoing geopolitical tensions and weakened demand in key markets, particularly China. 

The impact was notably visible in the Cut and Polished diamonds (CPD) segment, which saw a 10.36 percent reduction, with exports decreasing to  USD 773.1 million from  USD 862.48 million in the previous year.

The downturn extended to other sectors within the industry, with Polished Lab Grown Diamonds experiencing a 5.48 percent decrease to  USD 78.93 million, down from  USD 83.51 million in the previous year. 

Gold jewellery exports also contracted by 3.56 percent, reaching  USD 868.03 million compared to  USD 900.11 million in December 2023, further highlighting the broader challenges facing India's precious gems and jewelry sector.

(KNN Bureau)