Mumbai: India’s gems and jewelery exports declined by 10.29 per cent year-on-year to $196.79 million in December 2024. According to data released by the Gem and Jewelery Export Promotion Council, this figure was $219.38 million in December 2023. There has also been a decline in the export of cut and polished diamonds last month.
As a result of geopolitical tensions, buyers of gems and jewelery in the global market are increasingly turning to buying gold.
Apart from this, the change in preferences of today’s generation has also affected the sale of gems and jewellery. Today’s generation is preferring lightweight jewelery made of precious metals for daily wear. Meanwhile, exports of cut and polished diamonds also declined by 10.36 per cent to $77.31 million last month from $86.24 million seen in December 2023. Weak global demand for diamonds from India has affected the country’s diamond trade. Increasing competition from artificial diamonds is also a reason for the decline in diamond exports.
Import of rough diamonds declined by 22 percent to Rs 66,066.49 crore in December. Council sources said that due to low demand for polished and cut diamonds in the world market, import of rough diamonds by India has been low.
The total export of laboratory-grown polished diamonds last month stood at Rs 670.77 crore, which is 5.48 per cent less as compared to December last year.
However, the ceasefire between Hamas and Israel is expected to increase exports of diamonds and gems and jewelery from the country.
