Gem, jewellery exports decline 11.49% to Rs 22,873 cr in Oct: GJEPC data

India's overall gems and jewellery exports declined by 11.49 per cent to Rs 22,873.19 crore ($ 2,748.01 million) in October, according to the Gem and Jewellery Export Promotion Council (GJEPC) data.

The gross exports stood at Rs 25,843.84 crore ($ 3,134.85 million) during October 2022, the data showed.

Cut and Polished Diamonds (CPD) exports witnessed a fall of 32.70 per cent to Rs 10,495.06 crore ($ 1,260.91 million) in the previous month compared to Rs 15,594.49 crore ($ 1,891.2 million) in the year-ago period.

Gross export of polished Lab Grown Diamonds (LGD) in October dropped by 23.01 per cent to Rs 1,135.16 crore ($ 136.38 million) against Rs 1,474.38 crore ($ 178.73 million) in the corresponding month of 2022.

"The overall gems and jewellery exports were down in October mainly due to slowdown in demand in key markets like the US and supply constraints of diamond, which constitutes 50 per cent of the total shipments. We are hoping the markets pick up during the Christmas season," GJEPC chairman Vipul Shah told PTI.

However, the total gross export of gold jewellery increased by 33.48 per cent to Rs 8,619.38 crore ($ 1,035.54 million) in October over Rs 6,457.48 crore ($ 784.11 million) in the same period of the previous year.