Gems and Jewelery Export: A big decline has been recorded in gems and jewelery exports in November and it has decreased by about 13 percent. In comparison to November last year, the demand for jewellery, gems and gold and silver jewelery is good in November this year, but this year due to the ongoing problems on the global front, they are facing problems in their export. Due to prolonged geo-political tension, gems and jewelery exports declined by 12.94 percent to $ 198.62 million (Rs 16,763.13 crore) in November. Gems and jewelery exports in November 2023 were worth $228.14 million.
Export of cut and polished diamonds also decreased
According to GJEPC data, exports of cut and polished diamonds declined by 39.81 percent to $666 million in November as compared to $1106.5 million in the same period last year. Exports of polished laboratory-grown diamonds (provisional data) during November declined by 42.37 percent to $62.8 million as compared to $109.1 million last year.
Growth seen in export of plain gold jewelery
However, exports of plain gold jewelery increased by 72.12 per cent to $652.8 million in November, compared to $379.2 million in the same period last year.
What does the former chairman of GJEPC have to say?
Colin Shah, former chairman of GJEPC, said that the long-running geo-political tension remains a matter of concern for the Indian gems and jewelery industry, due to which there has been a slowdown in exports after seeing a boom in the last month. Therefore, any significant developments on the geopolitical front may continue to disrupt trade activities in the times to come. However, he said that as the holiday season is around the corner, we expect demand to remain strong due to increased purchasing sentiment.
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