New Delhi: The overall gem and jewellery exports from Indian witnessed a 21.93 per cent year-on-year decline in July. The total gem and jewellery exports stands at $1,665.4 million (Rs 13,922.03 crore) in July. Data released by the Gem and Jewellery Export Promotion Council (GJEPC) revealed this. The Gem and Jewellery Export Promotion Council (GJEPC) is the apex body for the gems and jewellery industry in India.
The overall exports in the category in July 2023 stood at Rs USD 2,170.71 million. ‘The exports are mainly affected due to decline in demand following geopolitical disturbance 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.
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The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to $907.67 million from $1,174.41 million in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent 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 Rs 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, United Kingdom, and Uzbekistan.
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