In the first two months of the fiscal year, India’s gems and jewellery sector experienced a downturn in exports, according to recent performance data.
The overall gross exports for April-May 2024 totalled USD 4,691.6 million, marking a 5.9 per cent decrease compared to the same period last year.
The cut and polished diamonds segment, a significant contributor to the sector, witnessed a more pronounced decline. Exports in this category fell by 15.5 per cent, reaching USD 2,627 million.
The emerging lab-grown diamond industry also faced challenges. Provisional gross exports of polished lab-grown diamonds decreased by 15.5 per cent, amounting to USD 204.2 million.
This figure stands in contrast to the USD 241.6 million recorded during the corresponding period in 2023.
These figures suggest a broader slowdown in the gems and jewellery sector, potentially reflecting global economic trends and shifting consumer preferences.
Industry analysts will be closely monitoring these developments in the coming months to assess whether this represents a temporary fluctuation or a more sustained trend.