Gem and Jewellery exports face downturn: FY24 witnesses 20.78% YoY drop amid global economic challenges
Gem and Jewellery Export Promotion Council.
During December 2023, the drop was to the tune of 9.04% to USD 2.19 billion as compared to USD 2.4 billion in December 2022. The overall import of gems and jewellery too has declined by 22.43% Y-o-Y, to USD 15.59 billion from USD 20 billion during April- December of FY24 as compared to the same period of FY23 and 7.58% to USD 2.09 billion, as compared to December 2022.
Rough Diamonds imports for the year have declined by 23.51% to USD 10.1 billion and 867.72 lakh carats during April-December of Fy24 as compared to USD 13.2 billion and 992.75 lakhs carats during the same period in the previous year.
Exports of diamonds in the cut and polished category too have witnessed a downfall.
The overall exports for cut and polished diamonds declined by 28.27% to USD 11.9 billion for April — December of FY24 as compared to USD 16.62 billion for the same period of FY23… Compared to December 2022, the overall export of this product category declined by 32.11% to USD 862.48 million this year.
Contrary to this, the import of cut and polished diamonds is showing signs of positivity with a growth of 42.95% at USD 1495.33 million during the April -December of FY24 from USD 1046.06 million in the same period last year, and 148% at USD 254.18 million in comparison to December 2022.
The lab-grown diamonds (LGD) segment that has been constantly witnessing a rise in demand, has been losing steam. The provisional gross export of LGDs have witnessed a dip of 22.97% at USD 1.02 billion as compared to USD 1.33 billion in 2022.
As compared to December 2022, there has been a steep drop in exports to 18.46% from USD 102.41 million as compared to USD 83.51 million in December 2023.
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