THE overall gem and jewellery exports witnessed a 23.28 per cent year-on-year decline in July to USD 1,665.4 million on account of dampening of consumerdem and 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 July2023stoodatUSD2,170.71 million. “The exports are mainly affected due to decline in demand following geopolitical disturbance in keymarketslike 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. Theoverall export ofcut and polished diamonds (CPD) declined 22.71 per cent in July to USD 907.67 million from USD 1,174.41 million in the year-ago period. Gold jewellery exports also witnessed a 12.06 per cent decline in July to USD 530.38 million from USD 603.12 million in the same period of last year. Meanwhile, the apex trade bodysaidduring therecentsixday India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, business worth about USD 12 billion (approximatelyRs1lakh crore) was generated.