Indian Gems And Jewelry Exports Decline 13pc In November 2024: GJEPC

New Delhi, Dec 18 (KNN) The Indian gems and jewelry sector experienced a significant downturn in November 2024, with total exports falling 13 percent compared to the same period last year.

According to figures released by the Gem & Jewelry Export Promotion Council (GJEPC), exports declined from USD 2,281.4 million in the previous year to USD 1,986.21 million in the current period.

The cut and polished diamond segment was particularly affected, with gross exports plummeting by 39.81 percent to USD 666.01 million, down from USD 1,106.53 million in the corresponding month last year.

Rough diamond imports also showed a substantial decline of 20.97 percent, dropping from USD 8,807.19 million to USD 6,960.40 million.

Despite the overall negative trend, the gold jewelry segment demonstrated resilience, recording a noteworthy growth of 40.57 percent.

Exports of gold jewelry rose to USD 1,132.68 million, compared to USD 805.76 million in the previous year. This surge is attributed to gold's increasing appeal as a stable asset during periods of economic uncertainty.

Lab-grown diamonds and colored gemstones also experienced export declines. Polished lab-grown diamond exports decreased by 42.37 percent to USD 62.88 million, while colored gemstone exports fell by 11.52 percent to USD 285.45 million.

Colin Shah, Former Chairman, GJEPC, highlighted the ongoing challenges.

"Prolonged geopolitical tensions continue to impact the Indian Gems and Jewelry industry," Shah noted.

He emphasized that critical geopolitical developments could further disrupt trade activities, though the upcoming holiday season might provide some respite with an anticipated uplift in consumer demand.

The current market landscape reflects a cautious global economic environment, with consumers demonstrating hesitancy in investing in non-yielding assets.

However, the traditional appeal of gold and the approaching wedding and holiday seasons offer potential for market recovery.

(KNN Bureau)