New Delhi, Apr 22 (KNN) India's gems and jewellery exports witnessed a significant decline of 12.17 per cent in the financial year 2023-24, amounting to Rs 2,65,187.95 crore.

This downturn can be attributed to the prevailing high-interest rates in the United States and the sluggish recovery of the Chinese market, as per data released by the Gem and Jewellery Export Promotion Council (GJEPC).

In comparison, the gems and jewellery exports during the previous fiscal year 2022-23 stood at a higher value of Rs 3,01,925.97 crore.

Vipul Shah, Chairman, GJEPC, attributed this challenging scenario to the slowdown in the US market, India's largest export destination for gems and jewellery, due to elevated interest rates.

"The last financial year was very challenging for all product categories. This was mainly due to slowdown in the US, India's biggest export market in the segment, due to high interest rates. Also, slow recovery in China post Covid-19," Shah told PTI.

Additionally, the slow recovery of the Chinese market following the COVID-19 pandemic further compounded the situation.

(KNN Bureau)