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This is Gemfields’ second report focusing on China’s consumer market. Building on the insights gained in the previous report, which was released in 2020, this research focuses solely on ruby, deep diving into dialogue with China’s middle-class consumers to examine the impact of the post-pandemic era on their purchase habits, attitudes and motivations.

The recently concluded quarter recorded consolidated revenue growth of over 33% when compared to the same period in the previous financial year. We saw revenue growth of 40% for our India operations during Q3 FY2024 as compared to Q3 FY2023. We added 22 net new Kalyan showrooms in India during the recently concluded quarter.

Gems & jewellery industry belongs to Mumbai as Mumbai accounts for 72% of the annual USD 37 bn of exports, proclaimed Dr. Devendra Fadnavis, Hon. Dy. Chief Minister of Maharashtra, while inaugurating the largest-ever IIJS Signature & IGJME 2024 twin Exhibitions organised by the Gem & Jewellery Export Promotion Council (GJEPC) at the Bombay Exhibition Centre, NESCO Goregaon.