ENA Sectors 2024-03-20 14:24:33 <p><span style="font-size:14px"><strong>New Delhi, Mar 20 (KNN)</strong> In February 2024, India's gems and jewellery sector experienced a significant decline in exports, marking a 12.66 per cent decrease year-on-year, according to recent data released by the Gem Jewellery Export Promotion Council (GJEPC).</span></p> <p><span style="font-size:14px">However, amidst this downturn, there is a glimmer of hope as gold jewellery exports surged by 16.43 per cent, showcasing resilience in this segment of the industry.</span></p> <p><span style="font-size:14px">The total gross export of gold jewellery stood at USD 821.55 million (Rs 6,815.65 crore) in February 2024, exhibiting a notable growth compared to the previous year's figures of USD 705.61 million (Rs 5,829.65 crore).</span></p> <p><span style="font-size:14px">This growth in gold jewellery exports has been a bright spot amid the broader challenges faced by the gems and jewellery sector.</span></p> <p><span style="font-size:14px">Navneet Dubey, an industry expert, emphasises the significance of this uptick in gold jewellery exports, stating that it underscores the sector's ability to adapt and thrive amidst changing market conditions.</span></p> <p><span style="font-size:14px">Despite the increase in gold jewellery exports, the overall gems and jewellery exports experienced a decline.</span></p> <p><span style="font-size:14px">The sector's exports totalled USD 3.05 billion in February 2024, marking a notable decrease from the previous year's figures.</span></p> <p><span style="font-size:14px">This decline has raised concerns about the widening trade gap within the industry.</span></p> <p><span style="font-size:14px">Conversely, imports of gems and jewellery saw a marginal increase of 1.12 per cent, reaching USD 2.26 billion in February 2024.</span></p> <p><span style="font-size:14px">This slight uptick in imports indicates ongoing demand for jewellery in the domestic market despite the challenges faced by exporters.</span></p> <p><span style="font-size:14px">The GJEPC report further highlights the nuanced trends within the sector, with a decline of 12.66 per cent in overall exports and a simultaneous growth of 1.12 per cent in imports.</span></p> <p><span style="font-size:14px">These figures underscore the need for strategic measures to address the challenges facing India's gems and jewellery industry.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37106 https://knnindia.co.in/news/newsdetails/sectors/gold-jewellery-exports-surge-despite-decline-in-indias-gems-jewellery-sector 2024-03-20 14:24:33 knnindia.co.in