India’s gems and jewellery exports are expected to face a challenging period in the current financial year, with an estimated decline of 10 to 15 percent. The Gems and Jewellery Export Promotion Council (GJEPC) attributes this downturn to the slowing demand in crucial markets such as the US and China.
According to the latest data released by GJEPC, the gems and jewellery exports managed to grow by 2.48 percent year-on-year, reaching Rs 3,00,462.52 crore (over USD 36 billion) in FY23. However, amid these modest gains, the council has voiced concerns about the diminishing demand in the key markets.
Vipul Shah, Chairman of GJEPC, addressed the media during an event in New Delhi and shared that the Commerce Ministry has set a target of USD 42 billion for the gems and jewellery segment’s exports in the fiscal year 2023-24.
Highlighting the significance of diamonds in the export basket, Shah mentioned that they constitute more than 55 percent of the overall gems and jewellery exports. He emphasised that factors like rising interest costs, inflation, and declining consumer confidence have contributed to the current challenges faced by the industry.
