Gems and Jewellery Export Tumbles Amid Geopolitical Tensions

Gems and jewellery exports declined by 12.94% to USD 1,986.21 million in November 2023 due to ongoing geopolitical tensions. Diamond exports fell significantly, while plain gold jewellery exports saw growth. Industry concerns persist despite hopes for holiday-driven demand.

The gems and jewellery export sector has faced a downturn, witnessing a 12.94% decline to USD 1,986.21 million in November, as reported by the Gem and Jewellery Export Promotion Council (GJEPC). The persistent geopolitical tensions are cited as the primary cause for this decrease.

In November, the export value stood at USD 2,281.4 million. Notably, cut and polished diamond exports plummeted by 39.81%, dropping to USD 666.01 million compared to the same period last year. The export of polished lab-grown diamonds also experienced a significant decline, falling 42.37% to USD 62.88 million.

However, November did see a surge in plain gold jewellery exports, which rose by 72.12% amounting to USD 652.81 million. "The prolonged geopolitical tension remains a significant concern for the industry," mentioned Colin Shah, former chairman of GJEPC, adding that holiday demand could boost sentiment despite ongoing disruptions.

(With inputs from agencies.)