India's Gems & Jewelry Exports Decline 13.44% in June
By Rediff Money Desk, NEWDELHI Jul 16, 2024 16:58
India's gems and jewellery exports dropped 13.44% in June to Rs 15,939.77 crore, impacted by weak global demand, especially in China. Cut and polished diamonds saw a sharper decline, while gold jewellery exports rose.
Mumbai, Jul 16 (PTI) India's overall gems and jewellery exports witnessed an on-year decline of 13.44 per cent in June at Rs 15,939.77 crore (USD 1,909.57 million) amid muted demand in overseas markets, according to data by Gem and Jewellery Export Promotion Council (GJEPC).
The total gems and jewellery exports stood at Rs 18,413.88 crore (USD 2,240.77 million) during June 2023, the GJEPC data added.
"This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets, which has pushed the demand southwards in the overseas markets," former GJEPC chairman and Kama Jewelry Managing Director Colin Shah said.
The overall exports of cut and polished diamonds dipped by 25.17 per cent in June to Rs 8,496.87 crore (USD 1,017.87 million), compared to Rs 11,354.67 crore (USD 1,382.13 million) for the same period of the previous year.
Shah said, this was mainly due to the weak demand from the key markets, China being the key one as it accounts for approximately a third of India's cut and polished diamond exports.
However, the total gold jewellery exports went up by 7.97 per cent at Rs 5,074.27 crore (USD 608.01 million) as compared to Rs 4,699.56 crore (USD 571.63 million) for the same period of the previous year.
"The uptick in exports of gold jewellery was following the robust demand in the global market as prices are currently less volatile, which has encouraged consumers to make the most out of this situation and purchase the yellow metal as an investment avenue as well as for wearable purpose," Shah added.
The total gems and jewellery exports stood at Rs 18,413.88 crore (USD 2,240.77 million) during June 2023, the GJEPC data added.
"This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets, which has pushed the demand southwards in the overseas markets," former GJEPC chairman and Kama Jewelry Managing Director Colin Shah said.
The overall exports of cut and polished diamonds dipped by 25.17 per cent in June to Rs 8,496.87 crore (USD 1,017.87 million), compared to Rs 11,354.67 crore (USD 1,382.13 million) for the same period of the previous year.
Shah said, this was mainly due to the weak demand from the key markets, China being the key one as it accounts for approximately a third of India's cut and polished diamond exports.
However, the total gold jewellery exports went up by 7.97 per cent at Rs 5,074.27 crore (USD 608.01 million) as compared to Rs 4,699.56 crore (USD 571.63 million) for the same period of the previous year.
"The uptick in exports of gold jewellery was following the robust demand in the global market as prices are currently less volatile, which has encouraged consumers to make the most out of this situation and purchase the yellow metal as an investment avenue as well as for wearable purpose," Shah added.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Mishtann Foods L
- 10.09 (+ 2.54)
- 28874834
- Shree Securities
- 0.43 (+ 7.50)
- 18567303
- Kretto Syscon
- 0.97 ( -1.02)
- 14792150
- Srestha Finvest
- 0.86 ( -4.44)
- 13697044
- Cressanda Railway
- 12.90 ( -4.94)
- 13265691
MORE NEWS
Sensex, Nifty Climb on US CPI Inflation, Rate...
Indian equity benchmarks Sensex and Nifty surged in early trade, driven by IT stocks...
Rupee Hits Near All-Time Low at 84.85 vs Dollar
The Indian rupee fell to near its all-time low of 84.85 against the US dollar in early...
ICICI Bank Partners with CBA for...
ICICI Bank has partnered with Commonwealth Bank of Australia to facilitate investments,...