Indicators such as a 11.32% rise in cut and polished diamond exports, along with increases in gold jewellery and lab-grown diamond exports, accounted for the positive figure
Mumbai: India’s gems and jewellery exports saw a significant boost in October, growing by 9.18% year-on-year to reach $ 2,998.04 million (Rs 25,307 crore), according to the Gem and Jewellery Export Promotion Council (GJEPC). This growth was largely attributed to a revival in demand for cut and polished diamonds.
In comparison, exports for the same month in 2023 amounted to $ 2,746.09 million, the GJEPC said in a statement released recently
Diamond exports lead growth
Exports of cut and polished diamonds (CPD) were particularly strong, rising by 11.32% to $ 1,403.59 million in October 2024, up from $ 1,260.91 million during the same month last year.
“This growth is a welcome relief for the industry, especially given the challenges faced in the past. We are optimistic that this upward trend will continue, especially with the holiday season approaching in the West, which is likely to drive further demand for gems and jewellery,” Vipul Shah, Chairman of GJEPC was quoted as saying by media reports.
Gold jewellery and lab-grown diamonds see gains
Exports of gold jewellery also saw a positive increase, rising by 8.8% to $ 1,124.52 million in October 2024, compared to $ 1,033.61 million in October 2023.
Additionally, polished lab-grown diamond exports grew modestly by 1.27%, reaching $ 138.12 million, up from $ 136.38 million in the previous year.
Expanding markets and optimism for future growth
Shah also expressed optimism about the potential for continued export growth, citing efforts to expand into new markets while strengthening demand in the existing ones.
The GJEPC is also hopeful that the economic policies under the next US President Donald Trump’s administration, particularly his focus on stabilizing the geopolitical landscape and strengthening the US economy, will further boost global demand for gems and jewellery.
“We believe that as trade and supply chains stabilize, it will support growth in global demand for our sector,” Shah said.
With these promising results, the GJEPC remains optimistic about the future prospects of India’s gems and jewellery exports.
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