Jaipur, Nov 1 (KNN) The Jaipur’s gems and jewellery exports are likely to witness a muted growth this financial year amid global slowdown, reported business standard citing trade experts.

The overseas demand has also shifted to light-weight stone-studded jewellery, of both precious and non-precious stones.

In 2022-23, the gems and jewellery exports from the city were estimated at over USD 1,177 million. The exports may clock a similar figure for this financial year as well, say experts. Till September, the exports stood at over USD 650 million.

At present, Jaipur has over 50,000 traders and more than 100,000 craftsmen who are engaged in the jewellery manufacturing and coloured gemstone industry. The traders export mostly to US, Hong Kong, the UAE, and Europe.

According to experts, the Covid-19 pandemic had crushed the gems & jewellery industry. In 2017-18, the exports from Rajasthan with Jaipur being the biggest contributor was worth over Rs 5,260 crore. Next year, it increased to Rs 5,730 crore.

But exports fell sharply to Rs 4,065 crore in 2020-21. As the pandemic receded, exports once again went up and touched a figure of over Rs 6,800 crore in 2021-22.

(KNN Bureau)