Gem & Jewellery Exports Dip 4.52% in Nov: GJEPC
Dec 29, 2023 15:25
India's gem and jewellery exports declined 4.52% in November to Rs 19,018 crore, according to GJEPC. The dip was attributed to supply disruptions and festival demand.
Mumbai, Dec 29 (PTI) The overall gem and jewellery exports witnessed a on-year decline of 4.52 per cent in November to Rs 19,018.180 crore (USD 2,263.34 million), GJEPC said on Friday.
Exports stood at Rs 19,917.73 crore (USD 2437.53 million) during November 2022, according to the data by the Gem and Jewellery Export Promotion Council (GJEPC).
"The decline in shipments has narrowed to just 4.52 per cent. There is an improvement in gem and jewellery exports in November mainly due to supply disruptions.
"The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports," GJEPC chairman Vipul Shah told PTI.
The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year, he added.
Meanwhile, the overall export of Cut and Polished diamonds (CPD) dipped by 9.65 per cent in November to Rs 9,217.88 crore (USD 1,100.09 million), compared to Rs 10,202.54 crore (USD 1,248.41 million) for the same period of the previous year.
The total exports of gold jewellery grew by 9.2 per cent to Rs 6,724.95 crore (USD 797.45 million) in November, compared to Rs 6,158.56 crore (USD 753.5 million) in the same period a year ago.
Export of polished Lab Grown Diamonds for the period April-November witnessed a decline of 20.12 per cent at Rs 7,783.24 crore (USD 941.1 million) from Rs 9,743.28 crore (USD 1,227.77 million) in the year-ago period.
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