INDIAN GEMS & JEWELLERY IMPORTS SEES A STEEP RISE OF 23.61% IN MAY 2024; EXPORTS DOWN BY 6.14%

25th June 2024

According to data released by the Gems and Jewellery Export Promotion Council (GJEPC), in terms of overall gross exports of Gems & Jewellery in May 2024, it stood at USD 2484.48 million (INR  20713.370 crores), showing a decline of 6.14% compared to USD 2646.92 million (INR 21795.65 crores) for the same period last year

This decline is due to the economic uncertainties that the global market is grappling with. However, with the constant support by government through its initiatives in the form of FTAs and with increased emphasis on ‘ease of doing business’ will act as an enabler in amplifying the exports in the next few quarters.

Cut and Polished Diamonds: The overall gross export of Cut & Polished diamonds saw a decline of 14.58% in the month of May 2024, standing at USD 1471.9 million (INR 12270.54 crores) compared to USD 1723.17 million (INR 14190.28 crores) for the corresponding period of the previous year. But in terms of the overall gross imports of Cut & Polished diamonds for the month of May, it saw a significant growth of 60.79% at USD 138.47 million (INR 1154.4 crores) when compared to USD 86.11 million (INR 709.09 crores) for the same period last year. The performance of cut and polished diamonds is a typical reflection of what is happening globally in terms of geo-political tensions.

Rough Diamonds: Gross imports of rough diamonds stood at USD 2388.91 million (INR 19916.34 crores) in May 2024, showing a decline of 9.62% when compared to USD 2643.29 million (INR 21719.86 crores) for previous year.

Polished Lab Grown Diamonds: Provisional gross export of Polished Lab Grown Diamonds during May 2024 stood at USD 120.14 million (in INR 1001.59 crores) showing a decline of 13.71% as compared to USD 139.22 million (INR 1147.17 crores) last year. This decline is due to the volatility in demand and pricing.

Gold Jewellery: The total gross export of Gold Jewellery in the month of May 2024 stood at USD 660.55 million (INR 5507.71 crores), showing an uptick of 13.1% compared to USD 584.04 million (INR 4807.71 crores) for the same period last year. This is due to higher price realization and renewed demand for the yellow metal by consumers globally.

Coloured Gemstones: Provisional gross export of Coloured Gemstones during May 2024 stood at USD 63.2 million (INR 527.2 crores), witnessing a decline of 29.02% compared to USD 89.04 million (IN 732.12 crores) for the same period last year.

Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery industry is going through a challenging phase for over a year. The outbreak of geo-political tensions earlier between Russia & Ukraine and then between Israel & Hamas has deeply impacted the exports as the demand has been volatile in the overseas markets. Additionally, with 60+ countries undergoing elections this year, it is yet another crucial event that may further hamper trade in the said countries. Hence, this calls for a close monitoring of these events, which will further decide the course of trade activities for the rest of the year. However, with the onset of the festive season that is approaching, we hope for a gradual pickup in trade activities.”