India's Gem & Jewellery Exports Dip 18.79% in Aug
Mon Sep 23 2024
India's gems and jewellery exports declined 18.79 per cent to USD 2.01 billion in August due to sluggish global demand, according to GJEPC data. The exports stood at USD 2.47 billion during August 2023, Gem Jewellery Export Promotion Council (GJEPC) said.
However, it said the shipments during the month under review improved from July, when it was USD 1.66 billion. "We need to work hard to feed the demand in key export markets like the US and China. Meanwhile, mid-stream manufacturers are struggling with both demand as well as profitability," the council's chairman, Vipul Shah told PTI.
The data also showed that exports of cut and polished diamonds dipped by about 26 per cent at USD 1 billion in August as against USD 1.36 billion in the same period of previous year.
The total gross export of gold jewellery too contracted by 1.15 per cent to USD 687.69 million during the month.
Commenting on the numbers, Kama Jewelry MD Colin Shah said the gems and jewellery sector domestically has been performing well as compared to the global market scenario.
"The price correction in gold after the customs-duty cut will be passed down to the buyers, ultimately driving up sales," he said adding the sector has witnessed a dull period in exports for the longest time and the sales during this festive season will bring in some respite.
Source: https://money.rediff.com/