Gem and jewellery exports saw a nine per cent decline last month, dropping to $2.19 billion from the December 2022 figure of $2.4 billion. This decrease was a result of weakened global demand amidst a prevailing recessionary trend.

According to data released by the Gem and Jewellery Export Promotion Council on Thursday, rough diamond exports plummeted 32 per cent reaching $862 million compared to the same period in the preceding month. Interestingly, rough diamond imports jumped 148 per cent at $254 million largely due to lower base.

Yearly trend

The overall exports in last three quarters of this fiscal were down 21 per cent to $23 billion ($29 billion) during the previous year.

The overall import of gems and jewellery also declined by 22 per cent to $16 billion ($20 billion).

Rough diamonds imports were down 24 per cent to $10 billion. Contrary to this, import of cut and polished diamonds was up 43 per cent at $1.49 billion.

The demand for lab-grown diamonds, too, saw an 18% decline reaching $102 million compared to the previous $84 million. Over the last nine months, exports in this category witnessed a 23 per cent decline, falling to $1.02 billion.

Colin Shah, MD, Kama Jewelry, said the demand for gem and jewellery sector was impacted by the forthcoming elections in 60 countries including major economies such as India and the US this year and the geo-political scenario adding up to inflation.

“The demand dynamics of gems and jewellery are expected to improve from the third quarter FY25,” he added.

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