Gem, jewellery exports drop 21.9% to $1,665.4 million in July: GJEPC

The overall gem and jewellery exports witnessed a 21.93% year-on-year decline in July to $1,665.4 million (₹13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (GJEPC) has said.

According to data released by GJEPC, the apex body for the gems and jewellery industry in India, the overall exports in the category in July 2023 stood at ₹$2,170.71 million.

"The exports are mainly affected due to a decline in demand following geopolitical disturbances in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI.

The overall export of cut and polished diamonds (CPD) declined 21.34% in July to $907.67 million from $1,174.41 million in the year-ago period.

Gold jewellery exports also witnessed a 10.53% decline in July to $530.38 million compared to $603.12 million in the same period of last year.

Meanwhile, the apex trade body said during the recent six-day India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, business worth about $12 billion (approximately ₹1 lakh crore) was generated.

IIJS Premiere 2024 attracted over 50,000 buyers and international delegations from over 13 countries, including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, the United Kingdom, and Uzbekistan.

"IIJS Premiere 2024 was a tremendous success, generating over $12 billion in business for our exhibitors. The business was mainly dominated by gold jewellery following weakness in prices of the yellow metal," Shah said.

The show featured an array of products that highlighted the brilliance in designs and clearly reflected the shift towards catering to millennials and Gen Z, he said.

"IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities," he added.