Gem and jewellery exports dipped 15 per cent last month to $1.91 billion (₹15,940 crore) from $2.24 billion logged in the same period last year, largely due to weak global demand amid geopolitical tensions.

According to data released by the Gems and Jewellery Export Promotion Council, imports of gems and jewellery declined 17 per cent to $1.55 billion (₹12,927 crore) from $1.85 billion (₹15,248 crore) logged last year. Cut and polished diamond exports dipped 26 per cent to $1.02 billion ($1.39 billion) due to weak demand, especially in China, the key market which accounts for about a third of India’s cut and polished diamond exports.

Rough diamond imports were down 15 per cent at $3.39 billion ($4 billion). Cut and polished diamond imports also dropped 36 per cent to $77 million ($120 million).

Polished lab-grown diamond exports declined 9 per cent to $89 million ($98 million) due to volatile prices in the global markets.

Gold jewellery exports increased to $608 million ($572 million) as demand revived after the fall in gold prices. Coloured gemstone exports were down 29 per cent to $91 million ($128 million) due to a fall in demand in the international markets.

Colin Shah, Managing Director of Kama Jewelry, said the gems and jewellery industry has been going through a tough time due to geopolitical tensions and elections in over 60 countries.

Going forward, he said the industry expects the Finance Minister to take some key measures for the gems and jewellery industry to navigate through this challenging time.

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