Gems and jewellery exports experienced a notable decline of 12.17 per cent during the fiscal year 2023-24, amounting to Rs 2,65,187.95 crore (USD 32,022.08 million), according to data from the Gem and Jewellery Export Promotion Council (GJEPC).
This decrease is attributed to several factors, including high interest rates in the US and a sluggish recovery in China.
Vipul Shah, chairman of GJEPC, highlighted the challenges faced by the industry in the previous financial year, particularly citing the slowdown in the US market, which is India’s largest export destination in the gems and jewellery segment. Additionally, the slow recovery in China following the Covid-19 pandemic contributed to the overall decline.
Specifically, the exports of cut and polished diamonds experienced a significant decline of 25.23 per cent during FY24, amounting to Rs 1,32,128.29 crores (USD 15,966.47 million), compared to Rs 1,76,716.06 crores (USD 22,046.9 million) in the previous fiscal year.
The provisional gross export figures for polished lab-grown diamonds also saw a decrease of 13.79 per cent, amounting to Rs 11,611.25 crores (USD 1,402.3 million) in FY24, compared to Rs 13,468.32 crore (USD 1,680.22 million) in FY23.
On a positive note, the provisional export data indicates a growth of 20.57 per cent in the total export of gold jewellery, reaching Rs 92,346.19 crore (USD 11,140.780 million) in FY24, up from Rs 76,589.94 crore (USD 9,538.84 million) in the previous year.
However, the export of silver jewellery experienced a significant decline of 43 per cent during FY24, amounting to Rs 13,406.1 crores (USD 1,616.42 million), down from Rs 23,556.71 crores (USD 2939.9 million) in FY23.
