FY24 export target of $42 bn for gems and jewellery to take a hit, down by 10-15%: GJEPC
gems and jewellery exports for the current financial year is seeing a downward trajectory, on the back of slowdown in major international markets and inflationary pressures playing spoilsport. “The export target for gems and jewellery was $42 billion versus last year in which we achieved approximately $39 billion. However, given that the first quarter itself was down by around 18%, we are expecting a decline of 10-15% in overall exports in this fiscal,” Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) said in an event organised by the industry body in the capital on Tuesday.
He added that all product categories were witnessing a decline since major consuming markets like the US and China were seeing a slowdown in demand. “We expected China to pick up after the pandemic but it has also been slow. It is not just for gems and jewellery but for all other sectors as well – there is a sharp fall in exports,” he stated.
As per provisional data on GJEPC website for April — June quarter, the overall gross exports of Gems & Jewellery at $7222.31 million (Rs. 60222.10 crores) is showing a decline of 28.08% (-22.29% in Rs term) as compared to $10042.30 million (Rs. 77499.44 crores) for the same period the previous year.
The respective product categories reflect the downward spiral evidently enough. For instance, the overall gross exports of Cut & Polished diamonds at $ 4426.02 million (Rs. 36923.01 crores) for the quarter shows a decline of 29.37% (-23.63% Rs.
term) as compared to $6266.85 million (Rs. 48349.38 crores) for the same period of the previous year. Similarly, provisional gross export of all kinds of Studded Gold jewellery for the first quarter was at$ 983.27 million (Rs.
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