GEMS and jewellery exports declined by 12.17 per cent to Rs 2,65,187.95 crore (USD 32,022.08million)during2023- 24, compared to the previous financialyearduetohighinterest rates in the US and slow recovery in China, Gem and Jewellery Export Promotion Council(GJEPC) data showed. Gems and jewellery exports inFY23 stoodatRs 3,01,925.97 crore (USD 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 interestrates.

 

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 per cent during FY24 to Rs 1,32,128.29 crores (USD 15,966.47 million) compared to Rs 1,76,716.06 crores (USD 22,046.9 million) for the same period of previous year. Provisional gross export of PolishedLabGrownDiamonds dipped by 13.79 per cent Rs 11,611.25 crores (USD 1,402.3 million in FY24 compared to Rs 13,468.32 crore (USD 1,680.22 million) of FY23. However, according to the provisionalexport of totalgold jewellery witnessed a growth of20.57percentatRs92,346.19 crore(USD11,140.780million) in FY24 against Rs 76,589.94 crore (USD 9,538.84 million) in the previous year. Provisionalgrossexportofsilver jewellery dipped by 43 per cent in FY24 at Rs 13,406.1 crores (USD 1,616.42 million) from Rs 23,556.71 crores (USD 2939.9 million) in FY23.