Gem & Jewellery Exports Decline 11.49% to Rs 22,873 Crore in October
GEM & JEWELLERY EXPORTS DECLINE 11.49% TO RS 22,873 CRORE IN OCTOBER
21st November 2023
In the realm of India’s vibrant G&J trade, the month of October bore witness to a nuanced narrative. According to the data from the GJEPC, the overall exports of these coveted treasures experienced a discernible dip, marking an 11.49% decline to Rs 22,873.19 crore ($2,748.01 million).
The gross exports for October tallied up to Rs 25,843.84 crore ($3,134.85 million), portraying the dynamic ebb and flow within the industry.
A noteworthy facet of this intricate saga lies in the realm of Cut and Polished Diamonds (CPD), which encountered a significant downturn of 32.70%, settling at Rs 10,495.06 crore ($1,260.91 million) for the month. This figure stands in stark contrast to the robust Rs 15,594.49 crore ($1,891.2 million) recorded in the corresponding period of the previous year.
Equally compelling is the narrative of Polished Lab Grown Diamonds (LGD), which experienced a 23.01% decrease in gross exports during October, registering at Rs 1,135.16 crore ($136.38 million). This contrasts with the more prosperous Rs 1,474.38 crore ($178.73 million) in the same month of 2022, underscoring the nuanced shifts within this specialized segment of the market.
In the midst of this fluctuating landscape, one glimmering aspect emerges—the resilience of the gold jewellery sector. Despite the overarching decline, the total gross export of gold jewellery exhibited a commendable ascent, surging by 33.48% to Rs 8,619.38 crore ($1,035.54 million) in October. This upswing contrasts with the figures from the previous year, where the export stood at Rs 6,457.48 crore ($784.11 million) during the same period.
In essence, while the gem and jewellery exports experienced a dip in October, the multifaceted nature of this industry unfolds a tapestry woven with contrasting threads, each telling a compelling tale of resilience, adaptation, and economic intricacies.