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Gem and jewellery exports increased 9 per cent last month to $2.99 billion against $2.75 billion logged in the same period last year. In rupee terms it was up 10 per cent at ₹25,194 crore (₹22,857 crore) in October despite a ragging war and fast evolving geopolitical situations.
After a steady decline for the last few months, cut and polished diamonds shipments improved 11 per cent to $1.40 billion ($1.26 billion), while the same in rupee terms increased 12 per cent to ₹11,796 crore (₹10,495 crore) on the back of renewed demand for India’s finely crafted diamonds.
Vipul Shah, Chairman, GJEPC said the industry is optimistic that this trend will continue, especially with the approaching holiday season in the West, which will drive further demand for gems and jewellery.
Further, the GJEPC is making concerted efforts to expand into new markets while strengthening demand in existing ones, he added.
Gold jewellery exports was up 9 per cent at $1.12 billion ($1.03 billion last month. Export of polished Lab-Grown Diamonds was up marginally at $138 million ($136 million).
Colin Shah, MD, Kama Jewelry said the rise in gems and jewellery exports after a prolong period of sluggishness is a big relief for the industry.
However, he said the geo-political tensions still remain a matter of concern for the industry and any major developments on the geopolitical front may hamper the trade activities.
Seven months trend
In first seven months of this fiscal, gems and jewellery declined 9 per cent to $16.58 billion($18.24 billion).
Similarly, cut and polished diamonds exports declined to $8.31 billion ($9.96 billion). The gold jewellery increased 6 per cent to $5.87 billion ($5.5 billion).
Polished Lab-Grown diamond exports between April and October declined 8 per cent to $766 million ($832 million).
Silver jewellery exports were down 21 per cent to $650 million ($825 million) while platinum jewellery shipments increased four per cent to $100 million ($96 million)..
Coloured gemstones exports fell 14 per cent to $258 million ($300 million).
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