India's gems & jewellery exports likely to contract by 10-15% this fiscal: GJEPC

New Delhi, July 18 (KNN) India's gems and jewellery exports are expected to witness a decline of 10 to 15 per cent in the current financial year due to slowing demand in key markets like the US and China, according to the Gems and Jewellery Export Promotion Council (GJEPC).

As per the latest data by GJEPC, the gems and jewellery exports grew 2.48 per cent year-on-year to Rs 3,00,462.52 crore (over USD 36 billion) in FY23.

Addressing the media, on the side-lines of an event in New Delhi on Monday evening, GJEPC Chairman Vipul Shah informed that the Commerce Ministry has given a target of USD 42 billion for the gems and jewellery segment exports in 2023-24.

"For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising interest cost, inflation, all these concerns and consumers' confidence is also going down," Shah said.

Shah told the media that diamonds constitute more than 55 per cent of the overall gems and jewellery export basket.  (KNN Bureau)