Nearly 15% decline in India’s gem and jewellery export this Oct: Report

In an official statement, the Gem and Jewellery Export Promotion Council (GJEPC) said that the country’s exports stood at ₹30,275.74 crore in October 2021.

GJEPC also noted that India’s gem and jewellery export performance in the first six months of 2022-23 helped maintain growth for the period April-October, despite a sharp dip in exports last month.

It further said that the decline in gems and jewellery exports in October or November is a seasonal trend because manufacturing activities are either limited or closed due to the Diwali festival, PTI reported.

Vipul Shah, GJEPC Chairman said, “We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of units and absence of workers during Diwali usually result in a decline in exports post-Diwali.”

“Also, trade shows like IIJS Signature 2023, Hong Kong Show 2023, and VicenzaOro Winter 2023 will aid in exports of gems and jewellery to key markets. I am confident that we are on course to achieve our export target of USD 45.7 billion for 2022-23,” he added. 

He also said that the upcoming holiday season in the West and the Chinese New Year will give a boost to exports in November and December, as per PTI reports.

The positive impact of the India-UAE CEPA was offset by gold supply hurdles, which impacted exporters, Shah said adding that GJEPC has sensitized the government regarding this issue and they are working on resolving the same.

Meanwhile, the country’s gem and jewellery exports have also witnessed a marginal decline to ₹24,913.99 crore (USD 3,129.91 million) in July 2022 as compared to the same month in the previous year

(With PTI inputs)