Tuesday, June 25, 2024

India’s Gem and Jewelry Exports Decline in FY2024

Mumbai, India— India’s Gem & Jewelry Export Promotion Council (GJEPC) reported a decline in the country’s gem and jewelry exports for April 2024 and the fiscal year ending March 2024, as per data from Rough & Polished.

In April, gross exports of gems and jewelry fell by 11.4% year-on-year to $2.075 billion. Meanwhile, gross imports rose by 3.9% year-on-year to $1.891 billion. Polished diamond exports for the month dropped 16.8% to $1.155 billion, while imports of polished diamonds increased by 19.3% to $88.1 million.

Rough diamond imports for April totaled $1.191 billion, reflecting a 19.3% year-on-year decrease. Additionally, gross lab-grown diamond (LGD) exports fell significantly by 18.2% year-on-year to $83.77 million.

For the fiscal year April 2023 to March 2024, total gross exports of gems and jewelry saw a notable decline of 14.5%, amounting to $32.3 billion. Total gross imports also decreased by 13.8% to $22.3 billion. Polished diamond exports for FY2024 experienced a substantial drop of 27.6% year-on-year, totaling $15.967 billion.

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