India's Gems and Jewellery Exports See an 18.79% Decline in August

India's gems and jewellery exports dropped by 18.79% to USD 2.01 billion in August, attributed to weak global demand, as per GJEPC data. The exports were USD 2.47 billion in August 2023. Despite the decline, exports improved compared to July’s USD 1.66 billion.

India's gems and jewellery exports experienced an 18.79 per cent decline, totaling USD 2.01 billion in August, due to sluggish global demand, according to data from the Gem Jewellery Export Promotion Council (GJEPC).

In August 2023, exports were at USD 2.47 billion. However, the monthly review showed improvement over July, which saw exports at USD 1.66 billion.

Vipul Shah, chairman of the council, stressed the need to capitalize on demand in major markets like the US and China while addressing profitability issues for mid-stream manufacturers. The data also indicated a 26 per cent dip in cut and polished diamond exports at USD 1 billion. Total gold jewellery exports contracted by 1.15 per cent to USD 687.69 million. Kama Jewelry MD, Colin Shah, noted domestic performance was better compared to the global market and anticipated that the festive season could boost sales owing to a price correction from the customs duty cut.

(With inputs from agencies.)