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| Photo Credit: Vijay Soneji
India’s total gems and jewellery exports declined by 11.49% to ₹22,873.19 crore ($2,748.01 million) in October, in accordance to the Gem and Jewellery Export Promotion Council (GJEPC) knowledge.
The gross exports stood at ₹25,843.84 crore ($3,134.85 million) throughout October 2022, the information confirmed.
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Cut and Polished Diamonds (CPD) exports witnessed a fall of 32.70% to ₹10,495.06 crore ($1,260.91 million) in the earlier month in contrast to ₹15,594.49 crore ($1,891.2 million) in the year-ago interval.
Gross export of polished Lab Grown Diamonds (LGD) in October dropped by 23.01% to ₹1,135.16 crore ($136.38 million) towards ₹1,474.38 crore ($178.73 million) in the corresponding month of 2022.
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“The overall gems and jewellery exports were down in October mainly due to slowdown in demand in key markets like the U.S. and supply constraints of diamond, which constitutes 50% of the total shipments. We are hoping the markets pick up during the Christmas season,” GJEPC chairman Vipul Shah informed PTI.
However, the full gross export of gold jewellery elevated by 33.48% to ₹8,619.38 crore ($1,035.54 million) in October over ₹6,457.48 crore ($784.11 million) in the identical interval of the earlier 12 months.
