GJEPC Report: India’s Gems and Jewellery Industry is facing a huge slowdown. There has been a huge decline in both the exports and imports of the industry. The total exports during August were Rs 16884.17 crore. This is 18.79 percent less than Rs 20524.78 crore a year ago. Global economic slowdown and ongoing tensions in Ukraine including the Middle East are being blamed for this. The Gems and Jewellery Industry had earlier also indicated this slowdown. A leading company of the sector had recently sent thousands of its employees on leave.
Gems and Jewellery industry has high hopes from the festive season
According to the data of the industry body Gems and Jewellery Export Promotion Council (GJEPC), buyers have currently distanced themselves from the industry due to several reasons. The total imports in August 2024 stood at Rs 12160.64 crore. The total imports in the same period a year ago were Rs 16704.96 crore. There has been a decline of about 28.19 percent in this. Now the gems and jewellery industry has high hopes from the festive season. It is being estimated that this industry, which has been in the grip of recession, can be revived by increasing demand during the festivals.
Elections are going to be held in 60 countries, change will come after this
Kama Jewelry MD Colin Shah said that elections are going to be held in about 60 countries of the world in the coming days. Due to various restrictions, business may slow down for some time. However, the situation is expected to return to normal after the elections are over. This may increase the demand again. We hope that the demand in the domestic market may increase by 10 to 15 percent compared to last year.
Demand for diamonds, gold jewellery and gemstones also decreased
According to the report of the Gems and Jewellery Export Promotion Council, in August 2024, exports of cut and polished diamonds declined by 23.8 per cent and imports by 35.55 per cent. Apart from this, the import of raw diamonds has decreased by 22.58 per cent. Exports of polished lab-grown diamonds have declined by 15.30 per cent and exports of gold jewellery have declined by 1.15 per cent. Apart from this, a huge decline of 19.91 per cent has been registered in gemstone exports.
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