Gems & Jewellery exports gain momentum, rises by 9.18% in October 2024; imports down by 14.65%
18th November 2024
As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery in October 2024 stood at USD 2998.04 million (Rs. 25194.410 crores) showing a growth of 9.18% compared to USD 2746.09 million (Rs. 22857.16 crores) for the same period last year. This can be considered as a relief for the Indian gems & jewellery industry after a stormy 2024 causing volatility in markets.
Decline in Overall Import
The overall imports of Gems & Jewellery for October 2024 stood at USD 1486.53 million (Rs. 12489.33 crores), showing a decline of 14.65% compared to USD 1741.77 million (Rs. 14496.03 crores) for the same period last year. The Indian jewellery traders and manufacturers are taking cautious steps and are more inclined to clear the existing inventory.
Impact of Upcoming Wedding and Holiday Seasons
The upcoming Indian wedding season, along with the holiday season in the west, is expected to intensify the demand, potentially leading to a rise in imports and exports.
Cut and Polished Diamonds: Strong Export Growth
The overall gross export of Cut & Polished diamonds rose by 11.32% in October 2024, standing at USD 1403.59 million (Rs. 11795.83 crores) compared to USD 1260.91 million (Rs. 10495.06 crores) for the corresponding period last year. Strengthened demand in international markets, aided by some normalcy in geo-political tensions, has boosted consumption.
Increase in Cut and Polished Diamond Imports
The overall gross imports of Cut & Polished diamonds saw a growth of 4.79%, standing at USD 205.91 million (Rs. 1729.91 crores), compared to USD 196.5 million (Rs. 1635.47 crores) for the same period last year.
Rough Diamonds: Declining Imports
Gross imports of rough diamonds stood at USD 6428.40 million (Rs. 53733.31 crores) in October 2024, showing a decline of 24.3% compared to USD 8492.41 million (Rs. 70061.18 crores) for the same period last year.
Shift in Investment Preferences
Increasing global economic uncertainty has driven investors toward gold due to its safe-haven feature. However, the ongoing wedding and holiday seasons may drive demand upward in the coming months.
Polished Lab Grown Diamonds: Marginal Growth
The total gross export of Polished Lab Grown Diamonds during October 2024 stood at USD 138.12 million (Rs. 1160.70 crores), showing minimal growth of 1.27% compared to USD 136.38 million (Rs. 1135.16 crores) for the previous year. Rising awareness and preference among new-age customers have supported the demand.
Gold Jewellery: Increased Exports
The total gross export of Gold Jewellery in October 2024 stood at USD 1124.52 million (Rs. 9449.37 crores), showing a growth of 8.8% compared to USD 1033.61 million (Rs. 8603.33 crores) for the same period last year.
Global Appeal of Gold
With gold prices hitting new highs, the long-term appeal of the yellow metal continues to strengthen, driving global demand.
Coloured Gemstones: Declining Exports
Provisional gross export of Coloured Gemstones during October 2024 stood at USD 258.31 million (Rs. 2162.54 crores), witnessing a decline of 13.97% compared to USD 300.25 million (Rs. 2479.1 crores) for the same period last year.
Industry Insights by Mr Colin Shah
Commenting on the trends, Mr. Colin Shah, MD, Kama Jewelry, said:
“The overall gems and jewellery exports witnessing a rise after a prolonged period of sluggishness is a big relief for the industry. However, the geo-political tensions remain a matter of concern for the Indian Gems and Jewellery industry. Any major developments on the geopolitical front may hamper trade activities. We hope that the countries in conflict come to a truce and normalcy prevails. Moreover, with elections already concluded in key markets like the US, the demand is expected to see some spike, fuelled by robust buying sentiment and supported by the holiday season.
