Gems and jewellery exports declined by 12.17% to Rs 2,65,187.95 crore (or $32,022.08 million) during FY24, compared to the previous financial year due to high interest rates in the US and slow recovery in China, data by the Gem and Jewellery Export Promotion Council showed.
Gems and jewellery exports in FY23 stood at Rs 3,01,925.97 crore ($37,646.17 million), according to GJEPC data.
"The last financial year was very challenging for all product categories. This was mainly due to 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," GJEPC Chairman Vipul Shah told PTI.
Meanwhile, the overall exports of cut and polished diamonds declined by 25.23% during FY24 to Rs 1,32,128.29 crore ($15,966.47 million), compared to Rs 1,76,716.06 crore ($22,046.9 million) for the same period of previous year.
Provisional gross export of polished lab-grown diamonds dipped by 13.79% Rs 11,611.25 crore ($1,402.3 million) in FY24, compared to Rs 13,468.32 crore ($1,680.22 million) of FY23.
However, according to the provisional export of total gold jewellery witnessed a growth of 20.57% at Rs 92,346.19 crore ($11,140.780 million) in FY24, against Rs 76,589.94 crore ($9,538.84 million) in the previous year.
Provisional gross export of silver jewellery dipped by 43% in FY24 at Rs 13,406.1 crore ($1,616.42 million) from Rs 23,556.71 crore ($2939.9 million) in FY23.
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