Gems and Jewellery
Exports of gems and jewelery from the country declined in April, while imports rose marginally. According to the data released by GJEPC, the apex body of the Gems and Jewelery industry, exports have declined by 11.37 per cent year-on-year, while imports have increased by 3.95 per cent.
The total import of gems and jewelery stood at Rs 15,772 crore, a slight increase compared to Rs 14,919 crore in the same period last year. Experts said that due to the decrease in demand due to elections in the country, imports have also decreased. In April 2024, the total export of gems and jewelery was Rs 17307 crore. It has decreased by 11.37 percent compared to Rs.19198 crore in the same period last year. Global economic uncertainty and volatility have affected the export of gems and jewellery.
Gems and jewellery exports decline by 12.17% to Rs 2,65,187.95 crore during FY24.
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Total exports of cut and polished diamonds declined by 16.76 percent in April 2024. It has come to Rs 9632 crore as against Rs 11538 crore. The total import of rough diamonds stood at Rs 9928 crore in April 2024, a decline of 19.27 per cent compared to the same month last year. In April, the net export of polished lab grown diamonds was Rs 698 crore.
839 crore in the same month of last year, it has declined by 18 percent. The total net export of gold jewelery in April stood at Rs 5991 crore, an increase of 11.03 per cent as compared to Rs 5304 crore in the same month last year. 206 crores, compared to Rs 314 crores in the same period last year.
The gems and jewelery industry has been facing various challenges for over a year now. Global volatility has dampened demand, which has hit exports hard; Also, since this year is election season in more than 60 countries, it has also affected imports. Exports are expected to increase in the coming years.
-Colin Shah
MD, Kama Jewellery
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