Global Unrest Hits Gem and Jewellery Exports: A 23.28% Decline in July

The Gem and Jewellery Export Promotion Council (GJEPC) reported a 23.28 percent year-on-year decline in gem and jewellery exports in July, down to USD 1,665.4 million. Geopolitical disturbances, notably in the US and China, have dampened consumer demand. However, the recent India International Jewellery Show (IIJS) Premiere 2024 generated around USD 12 billion in business.

The overall gem and jewellery exports witnessed a 23.28 percent year-on-year decline in July to USD 1,665.4 million due to decreased consumer demand amid global unrest, according to the Gem and Jewellery Export Promotion Council (GJEPC).

GJEPC data showed that overall category exports in July 2023 were USD 2,170.71 million. 'The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy,' stated GJEPC Chairman Vipul Shah.

Meanwhile, the recent six-day India International Jewellery Show (IIJS) Premiere 2024 achieved significant business success, generating USD 12 billion, primarily driven by gold jewellery. The event attracted over 50,000 buyers and international delegations from 13 countries, underscoring its importance as a premier global trade platform.

(With inputs from agencies.)