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India’s gems and jewellery exports fell sharply in October, dropping 30.57% to USD 2.17 billion (₹19,172.89 crore) compared with the same month last year, according to data released by the Gems and Jewellery Export Promotion Council (GJEPC).
The broader sector’s exports for October 2024 stood at USD 3.12 billion (₹26,237.1 crore).
GJEPC chairman Kirit Bhansali attributed the decline to a shift in demand ahead of the US tariff implementation, which prompted buyers to advance their purchases earlier in the year.
“Most of the stocking up for the festivals happened before August 27. As a result, October saw weaker demand. Volatile bullion prices also triggered a drop in gold and silver exports,” Bhansali told PTI. He added that exports are likely to rebound in November as Chinese markets show signs of recovery and Christmas-related demand picks up in other key regions.
Key Category-Wise Declines
- Cut and polished diamonds: Down 26.97% to USD 1.03 billion (₹9,071.41 crore) from USD 1.40 billion (₹11,806.45 crore) a year earlier.
- Polished lab-grown diamonds: Fell 34.90% to USD 94.37 million (₹834.45 crore) from USD 144.96 million (₹1,218.25 crore) last year.
- Gold jewellery: Dropped 28.4% to USD 850.15 million (₹7,520.34 crore) versus USD 1.19 billion (₹9,975.17 crore) in October 2023.
- Silver jewellery: Declined 16% to USD 121.37 million (₹1,072.81 crore) compared to USD 145.05 million (₹1,219.01 crore) a year ago.
- Coloured gemstones (April–October period): Fell 3.21% to USD 250.14 million (₹2,173.08 crore) from USD 258.42 million (₹2,163.52 crore) in the year-ago period.
Despite the October slump, industry officials remain cautiously optimistic about stronger export performance in the coming months.
(Source: PTI)
