Gem, jewellery exports drop 12.9% in Nov amid geopolitical tension: GJEPC

Gems and jewellery exports saw a decline of 12.94 per cent to USD 1,986.21 million (Rs 16,763.13 crore) in November on prolonged geopolitical tension, Gem and Jewellery Export Promotion Council (GJEPC) said on Wednesday.

Gems and jewellery exports in November 2023 stood at USD 2,281.4 million, the GJEPC data added.

Cut and polished diamonds export in November declined 39.81 per cent to USD 666.01 million compared to USD 1,106.53 million for the same period last year.

Provisional exports of polished lab grown diamonds during November declined 42.37 per cent to USD 62.88 million over USD 109.10 million for the previous year.

However, the plain gold jewellery exports grew 72.12 per cent to USD 652.81 in November as compared to USD 379.27 million in the same period of the previous year.

"Prolonged geopolitical tension continues to remain a matter of concern for the Indian gems and jewellery industry, which has led to a slowdown in exports after seeing an uptick in the previous month.

"Therefore, any critical development on the geopolitical front may continue to disrupt the trade activities in the times ahead.  However, with holiday season around the corner, we expect the demand to stay upbeat driven by heightened buying sentiment," GJEPC former chairman Colin Shah said.