Mumbai: Ratna and jewelery exports from the country declined by 23.50 percent to Rs 21,085 crore in February this year due to the sluggish demand of America and China. Sources in the gems and jewelery export enhancement council gave this information. The export figure for February 2024 was Rs 26,268 crore.
The council also said that exports have come down by 13.40 percent to Rs 2,17,148 crore in eleven months of the current financial year, compared to Rs 2,46,105 crore in the same period of the previous financial year.
Sources in the council said that exports have declined due to sluggish demand from the US and China. Due to the current geopolitical tension, demand from major export destinations like China, America and G-7 countries has decreased.
The fall in raw diamond prices by 10 to 12 percent has affected the prices of jewelery, which is also responsible for the fall in exports.
Meanwhile, the export of cut and polished diamonds declined by Rs 11,860 crore in February, compared to Rs 14,164 crore in February last year. Slow demand has also affected the export of gold jewelery.
Statistics also showed that the attraction of diamonds built in the laboratory is currently decreasing. Sources said that the export of synthetic diamonds fell 19.60 percent to Rs 975.20 crore last month.
Amidst global economic uncertainty, consumers are finding more prudent to invest in gold instead of diamonds.
The gemstone and jewelery industry is currently assessing the impact of Trump’s tariff war, as Indian jewelery has a huge demand in America.
Local market sources said that in view of the current record prices of gold in the country, the domestic demand for jewelery has weakened during the current wedding season.
