Gem, Jewellery Exports Decline Nearly 13% To $1.98 Billion In November
Prolonged geopolitical tension continues to remain a matter of concern for the Indian gems and jewellery industry, GJEPC former chairman Colin Shah said.
Gems and jewellery exports saw a decline of 12.94% to $1.98 billion (Rs 16,763.13 crore) in November on prolonged geopolitical tension, Gem and Jewellery Export Promotion Council said on Wednesday.
Gems and jewellery exports in November 2023 stood at $2.28 billion, the GJEPC data added.
Cut and polished diamonds export in November declined 39.81% to $666.01 million compared to $1.1 billion for the same period last year.
Provisional exports of polished lab grown diamonds during November declined 42.37% to $62.88 million over $109.10 million for the previous year.
However, the plain gold jewellery exports grew 72.12% to $652.81 in November as compared to $379.27 million in the same period of the previous year.
"Prolonged geopolitical tension continues to remain a matter of concern for the Indian gems and jewellery industry, which has led to a slowdown in exports after seeing an uptick in the previous month. Therefore, any critical development on the geopolitical front may continue to disrupt the trade activities in the times ahead. However, with holiday season around the corner, we expect the demand to stay upbeat driven by heightened buying sentiment," GJEPC former chairman Colin Shah said.
