India's gem & jewellery exports see growth in October
polished lab-grown diamonds. In October 2024, the exports of gems and jewellery reached USD 2,998.04 million (Rs. 25,194.41 crores), marking a growth of 9.18% in dollar terms and 10.23% in rupee terms, compared to USD 2,746.09 million (Rs. 22,857.16 crores) in October 2023, according to figures released by Gem & Jewellery Export Council (GJEPC) today.
Cut and polished diamonds led the recovery in October 2024, with gross exports reaching USD 1,403.59 million (Rs. 11,795.83 crores), marking a growth of 11.32% in dollar terms and 12.39% in rupee terms compared to USD 1,260.91 million (Rs.10,495.06 crores) in October 2023.
Commenting on the export growth, Vipul Shah, Chairman, of GJEPC, said, «Notably, the export of cut and polished grew 11.32% compared to October 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery. Furthermore, the GJEPC is making concerted efforts to expand into new markets while strengthening demand in existing ones.”
Shah further added, “With Donal Trump taking over the White House, we are optimistic about his promise to stabilize the geopolitical landscape and strengthen the US economy, which we believe will support a revival in trade, business, and supply chains, ultimately boosting global demand for gems and jewellery.”
Gold jewellery (Plain & Studded) exports also performed well in October 2024, achieving an 8.8% growth in dollar terms and a 9.83% increase in rupee
