GOLD NEWS

Gems exports dip 23% as diamond prices decline

Thu Aug 29 2024

The international drop in diamond prices is impacting India’s gem and jewellery exports. Despite increased domestic demand for gold jewellery due to reduced import duties, this has not significantly impacted export levels. According to the Gem and Jewellery Export Promotion Council (GJEPC), gem and jewellery exports fell in July, though there was a slight uptick in polished synthetic stones, pearls, and gold jewelry exports.

The ongoing RussiaUkraine conflict and sanctions have contributed to decreased diamond prices and a pause in new purchases, leading to a decline in exports.

In July, exports totaled Rs 13,922.03 crore, down 23.28 percent from Rs 17,831.68 crore in July 2023. Diamond exports decreased to 12.41 lakh carats from 15.57 lakh carats last year.

Source: https://firstindia.co.in