Jaishankar Assures Support For Gem & Jewellery Exporters Amid Global Market Slump

New Delhi, Oct 29 (KNN) External Affairs Minister S. Jaishankar has pledged governmental support to India's gem and jewellery exporters as they navigate through challenging global market conditions. 

During a meeting with members of the Gem & Jewellery Export Promotion Council (GJEPC) at the Bharat Diamond Bourse on Sunday, the minister addressed concerns about the shrinking American market and fluctuating global demand.

The GJEPC media release on Monday detailed Jaishankar's emphasis on strengthening industry-government collaboration and encouraging direct business engagement with international counterparts. 

The minister acknowledged the diamond industry's technological progress while addressing the impact of G7 sanctions on diamonds. He noted that the government is actively working to address declining exports and develop strategic policies to position India favourably despite current global economic challenges.

GJEPC Chairman Vipul Shah emphasised the industry's reliance on the Ministry of External Affairs for strategic support, particularly requesting assistance from diplomatic missions abroad to promote Indian gems and jewellery globally. 

Shah highlighted the importance of enhancing market access and strengthening India's global presence in the sector.

Recent data indicates significant market challenges, with gem and jewellery exports reaching USD 2.5 billion in September 2024, marking a 15.9 per cent decline compared to the previous year's figures of USD 3 Billion. This downturn underscores the pressing need for strategic intervention and support from government authorities.

(KNN Bureau)