Gems & jewellery exports decline by 12.17% to `2.65 lakh crore in FY24, says GJEPC

Gems and jewellery exports in FY23 stood at Rs 3,01,925.97 crore ($37,646.17 million), according to Gem and Jewellery Export Promotion Council data

MUMBAI: Gems and jewellery exports declined by 12.17 per cent to Rs 2,65,187.95 crore ($32,022.08 million) during 2023-24, compared to the previous financial year due to high interest rates in the US and slow recovery in China, Gem and Jewellery Export Promotion Council (GJEPC) data showed.

Gems and jewellery exports in FY23 stood at Rs 3,01,925.97 crore ($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 interest rates. Also, slow recovery in China post Covid19,” GJEPC chairman Vipul Shah said.

Meanwhile, the overall exports of Cut and Polished diamonds declined by 25.23 per cent during FY202324 to Rs 1,32,128.29 crores ($15,966.47 million) compared to Rs 1,76,716.06 crores ($22,046.9 million) for the same period of previous year.

Provisional gross export of Polished Lab Grown Diamonds dipped by 13.79 per cent Rs 11,611.25 crores ($1,402.3 million in FY2023-24 compared to Rs 13,468.32 crore ($1,680.22 million) of FY2022-23.

However, according to the provisional export of total gold jewellery witnessed a growth of 20.57 per cent at Rs 92,346.19 crore ($11,140.780 million) in FY24 against Rs 76,589.94 crore ($9,538.84 million) in the previous year.

Provisional gross export of silver jewellery dipped by 43 per cent in FY2023-24 at Rs 13,406.1 crores ($1,616.42 million) from Rs 23,556.71 crores ($2939.9 million) in FY2022-23.

The overall exports of Cut and Polished diamonds declined by 25.23 per cent during FY24 to Rs 1,32,128.29 crores ($15,966.47 million)