Indian jewellery is worn all over the world. Gold imported by India is made into jewellery and sold to countries around the world. The demand for Indian jewellery has always been at its peak. This is the reason why Indian businessmen also import a lot of gold. But for some time now the craze for Indian jewellery abroad has subsided and purchases have declined. Due to low demand from abroad, jewellery export from India has dropped considerably. Shall we also tell you what kind of export figures have come out?
19 percent decrease
According to data from the Gems and Jewellery Export Promotion Council, India’s gem and jewellery exports declined by 18.79 per cent to $2.01 billion in August due to sluggish global demand. Gem and jewellery exports during August 2023 stood at $2.47 billion. GJEPC, however, said that exports during the month under review were much better than in July when they stood at $1.66 billion. GJEPC Chairman Vipul Shah said that we need to work hard to meet the demand from major export markets like the US and China.
Diamond exports down 26 percent
The data also shows that the export of cut and polished diamonds in August fell by nearly 26 per cent to $1 billion, while in the same period last year it was $1.36 billion. During the month under review, the total export of gold jewellery also declined by 1.15 per cent to $68 million (76.9 lakh).
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Domestic market performance is better
Commenting on the figures, Colin Shah, Managing Director, Cama Jewellery, said that the gems and jewellery sector is performing well domestically as compared to the global market scenario. He said that the reduction in gold price following the reduction in customs duty will trickle down to buyers, which will ultimately boost sales. He said that there has been a sluggish period in exports in this sector for the longest time and sales during this festive season will provide some relief.
