Global slowdown may take sheen off gems & jewellery industry in Rajasthan

Jaipur’s gems and jewellery exports, which were on a rise before the pandemic, may see a muted growth this financial year amid global slowdown, trade experts say.

The overseas demand has also shifted to light-weight stone-studded jewellery, of both precious and non-precious stones.

In 2022-23, the gems and jewellery exports from the city were estimated at over $1,177 million. The exports may clock a similar figure for this financial year as well, say experts. Till September, the exports stood at over $650 million.

The city, known for its jewellery manufacturing and coloured gemstone industry, engages more than 50,000 traders. More than 100,000 craftsmen also earn their livelihood through it.

“We export the items mainly to the US, Hong Kong, the UAE, and Europe,” Rahul Rajpurohit, a city-based jeweller, said. Jewellery made of gold and silver, which is studded with coloured gemstones, is being exported to these countries, he said.

Another city-based jeweler, Jitendra, said it was a bit early to predict export figures. There is hope of exports growing because of Christmas and other festivals, he said.

According to experts, the Covid-19 pandemic had crushed the gems & jewellery industry. In 2017-18, the exports from Rajasthan — with Jaipur being the biggest contributor — was worth over Rs 5,260 crore. Next year, it increased to Rs 5,730 crore.

But exports fell sharply to Rs 4,065 crore in 2020-21. As the pandemic receded, exports once again went up and touched a figure of over Rs 6,800 crore in 2021-22.