India's Gems And Jewellery Lose Shimmer As Exports Decline 31% In October

Gems and Jewellery exports in India registered a 30.57% decline in October, as per industry body Gems and Jewellery Expert Promotion Council (GJEPC).

Exports for October stood at $2,168.05 million (Rs 19,172.890 crore), nearly 31% down from the year-ago period compared to $3,122.52 million or Rs 26,237.1 crore in October 2024, as per data released by the body.

"The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented. Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down. The decline in gold and silver exports is triggered by volatile bullion prices," GJEPC Chairman Kirit Bhansali told news agency PTI.

However, he added that in November the exports are expected to pick up again as the Chinese markets are slowly recovering and there will be Christmas demand in other key markets.

Exports of cut and polished diamonds witnessed a decline of 26.97% at $1,025.99 million (Rs 9,071.41 crore) in October compared to $1,404.85 million (Rs 11,806.45 crore) recorded in the same period of previous year.

Shipments of polished lab-grown diamonds in October also dipped by 34.90 per cent to $94.37 million (Rs 834.45 crore) against $144.96 million (Rs 1,218.25 crore) in the corresponding month of the previous year.

Gold jewellery exports also dropped by 28.4% to $850.15 million (Rs 7,520.34 crore) compared to $1,187.34 million (Rs 9,975.17 crore) in the same period of previous year.

Similarly, exports of coloured gemstones during April-October saw a decline of 3.21% to $250.14 million (in Rs 2,173.08 crore) from $258.42 million (Rs 2,163.52 crore) of shipments registered in the year-ago period.

Silver jewellery exports during October dipped by 16% to $121.37 million (Rs 1,072.81 crore) compared to $145.05 million (Rs 1,219.01 crore) in the same period of 2024, the data showed.

(With PTI inputs)