Mumbai: India’s overall gems and jewellery exports declined by 11.72 per cent to USD 28.5 billion (around Rs 2.41 lakh crore) in 2024-25 compared to the previous financial year on continued geopolitical tensions, according to the Gem & Jewellery Export Promotion Council (GJEPC).
The overall gems and jewellery exports stood at USD 32.2 billion (Rs 2.67 lakh crore) in 2023-24, according to GJEPC data. However, in March, the exports improved slightly, witnessing a growth of 1.02 percent at USD 2,582.97 million (Rs 22,340.89 crore), compared to USD 2,556.97 million (Rs 21,228.71 crore) in the same month of the previous year, it added.
“The decline in gems and jewellery exports is mainly due to the continuous dip in demand in China as well as the US, India’s key export markets, due to the ongoing geopolitical tensions. Also, the correction in rough diamond prices by 10-15 percent impacted the value, causing the overall decline in exports,” GJEPC Chairman Kirit Bhansali said.