Gems, jewellery exports in FY24 dip by 12.17% to Rs 2.65 lakh cr, reports GJEPC 

Detailed figures in the report revealed a notable decline in the export of cut and polished diamonds, which fell by 25.23% to Rs 1,32,128.29 crore (USD 15,966.47 million) during the year 

Mumbai: In the fiscal year 2023-24, India’s gems and jewellery exports witnessed a decrease of 12.17%, totalling Rs 2,65,187.95 crore (USD 32,022.08 million), as reported by the Gem and Jewellery Export Promotion Council (GJEPC). This decline from the previous year’s exports, which stood at Rs 3,01,925.97 crore (USD 37,646.17 million), has been attributed to several economic challenges, including heightened interest rates in the United States and a gradual recovery in China. 

“The last financial year was very challenging for all product categories. This was mainly due to a slowdown in the US, India’s biggest export market in the segment, due to high interest rates. Also, slow recovery in China post-Covid-19”, Vipul Shah, Chairman, GJEPC told PTI. 

Detailed figures in the report revealed a notable decline in the export of cut and polished diamonds, which fell by 25.23% to Rs 1,32,128.29 crore (USD 15,966.47 million) during the year. Similarly, the provisional gross export figures for polished lab-grown diamonds showed a decrease of 13.79%, amounting to Rs 11,611.25 crore (USD 1,402.3 million). 

On a more positive note, the provisional export data indicated a robust growth in total gold jewellery exports, which increased by 20.57% to reach Rs 92,346.19 crore (USD 11,140.780 million). In contrast, the silver jewellery sector faced a significant setback, with exports plummeting by 43% to Rs 13,406.1 crore (USD 1,616.42 million) from Rs 23,556.71 crore (USD 2939.9 million) recorded in the previous fiscal year. 

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