New Delhi, Nov 21 (KNN) India's overall gems and jewellery exports witnessed a declined by 11.49 per cent to Rs 22,873.19 crore in October, according to the Gem and Jewellery Export Promotion Council (GJEPC) data.

As per the data, the gross exports had stood at Rs 25,843.84 crore (USD 3,134.85 million) during October 2022.

Cut and Polished Diamonds (CPD) exports witnessed a fall of 32.70 per cent to Rs 10,495.06 crore (USD 1,260.91 million) in the previous month compared to Rs 15,594.49 crore (USD 1,891.2 million) in the year-ago period.

Gross export of polished Lab Grown Diamonds (LGD) in October dropped by 23.01 per cent to Rs 1,135.16 crore (USD 136.38 million) against Rs 1,474.38 crore (USD 178.73 million) in the corresponding month of 2022.

GJEPC chairman Vipul Shah told PTI, "The overall gems and jewellery exports were down in October mainly due to slowdown in demand in key markets like the US and supply constraints of diamond, which constitutes 50 per cent of the total shipments. We are hoping the markets pick up during the Christmas season.”

However, the total gross export of gold jewellery increased by 33.48 per cent to Rs 8,619.38 crore ($ 1,035.54 million) in October over Rs 6,457.48 crore (USD 784.11 million) in the same period of the previous year.

(KNN Bureau)