Gem, jewellery exports dip by 4.52% in November to ₹19,018 crore: GJEPC

Gem and jewellery exports in India witness 4.52% decline in November, but industry expects improvement in FY24.

The overall gem and jewellery exports witnessed a on-year decline of 4.52% in November to ₹19,018.180 crore ($2,263.34 million), GJEPC (Gem and Jewellery Expert Promotion Council) said on December 29.

Exports stood at ₹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%. 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 chairman Vipul Shah told PTI.

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% in November to ₹9,217.88 crore ($1,100.09 million), compared to ₹10,202.54 crore ($1,248.41 million) for the same period of the previous year.

The total exports of gold jewellery grew by 9.2% to ₹6,724.95 crore ($797.45 million) in November, compared to ₹6,158.56 crore ($753.5 million) in the same period a year ago.