India’s gems and jewellery exports declined by 23.49 per cent in February at $2,422.9 million (Rs 21,085.030 crore) compared to the same month of last year following a continued dip in demand in the US and China, the Gem and Jewellery Export Promotion Council (GJEPC) said on Wednesday. The overall exports of gems and jewellery stood at $3,166.66 million (Rs 26,268.6 crore) in the corresponding period of 2024, GJEPC data stated.
Gems and jewellery exports from April 2024 till February 2025, showed a dip of 13.43 per cent at $25,732.72 million (Rs 2,17,148.26 crore) compared to $29,724.13 million (Rs 2,46,105.96 crore) for the same period previous year.
“The decline in gems and jewellery exports is mainly due to the continuous dip in demand in China as well as the US. The ongoing geopolitical tensions have impacted the demand in key export markets including the US, China and the G7 nations. Also, the correction in rough diamond prices by 10-15 per cent impacted the value causing the overall decline in exports,” the recently elected GJEPC Chairman Kirit Bhansali said.
Meanwhile, the data revealed that the overall exports of cut and polished diamonds at $1,362.67 million (Rs 11,860.71 crore) in February showed a decline of 20.2 per cent compared to $1,707.62 million (Rs 14,164.1 crore) for the same period of the previous year.
The total gold jewellery exports witnessed an 18.09 per cent decline during the period under review at $752.76 million (Rs 6,549.46 crore) compared to $919.04 million (Rs 7,624.37 crore) for the same period of the previous year.
Exports of Polished Lab Grown Diamonds in February saw a dip of 19.58 per cent at $112.05 million (in Rs 975.22 crore) against $139.33 million (Rs 1,155.79 crore) in the same period of the previous year.