Global economic slowdown may take sheen off gems and jewellery industry in Rajasthan

Jaipur’s gems and jewellery exports may experience muted growth this financial year, with hopes of a boost during the festive season. The city’s export figures may mirror that of last year’s, which stood at over $1,177 million

Jaipur: Jaipur’s gems and jewellery exports, which were on a rise before the pandemic, may see muted growth this financial year amid global slowdown, trade experts say.

The overseas demand has also shifted to light-weight stone-studded jewellery, of both precious and non-precious stones.

In 2022-23, the gems and jewellery exports from the city were estimated at over $1,177 million. The exports may clock a similar figure for this financial year as well, say experts. Till September, the exports stood at over $650 million.

The city, known for its jewellery manufacturing and coloured gemstone industry, engages more than 50,000 traders. More than 1,00,000 craftsmen also earn their livelihood through it.

“We export items mainly to the US, Hong Kong, the UAE, and Europe,” said Rahul Rajpurohit, a city-based jeweller. Jewellery made of gold and silver, which is studded with coloured gemstones, is being exported to these countries, he said.

Another city-based jeweller, Jitendra, said it was a little early to predict export figures. There is hope of exports growing because of Christmas and other festivals, he said.

According to experts, the Covid-19 pandemic had significant ramifications on the gems and jewellery industry. In 2017-18, exports from Rajasthan — with Jaipur being the biggest contributor — were worth over Rs 5,260 crore. Next year, they increased to Rs 5,730 crore.

But exports fell sharply to Rs 4,065 crore in 2020-21. As the pandemic receded, exports once again went up and touched a figure of over Rs 6,800 crore in 2021-22.

Courtesy: www.business-standard.com