Gem, jewellery exports dip by 4.52% in Nov

Diamond Woes Linger

• Cut & polished diamond exports dropped 9.65% to Rs 9,218 cr
• Gold jewellery exports saw a positive trend, rising 9.2% to Rs 6,725 cr
• Polished lab-grown diamond exports continued to fall, by 20.12% YoY to Rs 7,783 cr
• Industry optimistic for FY24 with expected export improvement compared to FY23

Mumbai: The overall gem and jewellery exports witnessed a on-year decline of 4.52 per cent in November to Rs 19,018.180 crore ($2,263.34 million), GJEPC said on Friday.

Exports stood at Rs 19,917.73 crore ($2437.53 million) during November 2022, according to the data by the Gem and Jewellery Export Promotion Council (GJEPC). “The decline in shipments has narrowed to just 4.52 per cent. There is an improvement in gem and jewellery exports in November mainly due to supply disruptions. “The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports,” GJEPC chairmanGem and jewellery exports, GJEPC, Export data, Supply disruptions, Geopolitical issues, Exports, Cut and Polished diamonds, Vipul Shah told said.

The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year, he added.

Meanwhile, the overall export of Cut and Polished diamonds (CPD) dipped by 9.65 per cent in November to Rs 9,217.88 crore ($1,100.09 million), compared to Rs 10,202.54 crore ($1,248.41 million) for the same period of the previous year.