According to data released by the Gem and Jewellery (GJ) Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall imports of Gems & Jewellery for the month of May 2024 witnessed a multi-fold jump of 23.61%, at USD 1894.4 million (Rs. 15794.26 crores), as compared to USD 1532.61 million (Rs. 12625.59 crores) for the same period last year.
This could be attributed to the robust demand seen in the domestic market as the country is gearing up for the upcoming festival season. In terms of overall gross exports of Gems & Jewellery in May 2024, it stood at USD 2484.48 million (Rs. 20713.370 crores) showing a decline of 6.14% compared to USD 2646.92 million (Rs. 21795.65 crores) for the same period last year.
This decline is due to the economic uncertainties that the global market is grappling with. However, with the constant support by government through its initiatives in the form of FTAs and with increased emphasis on ‘ease of doing business’ will act as an enabler in amplifying the exports in the next few quarters.
Cut and Polished Diamonds: The overall gross export of Cut & Polished diamonds saw a decline of 14.58% in the month of May 2024, standing at USD 1471.9 million (Rs. 12270.54 crores) compared to USD 1723.17 million (Rs. 14190.28 crores) for the corresponding period of the previous year.
But in terms of the overall gross imports of Cut & Polished diamonds for the month of May, it saw a significant growth of 60.79% at USD 138.47 million (Rs. 1154.4 crores) when compared to USD 86.11 million (Rs. 709.09 crores) for the same period last year. The performance of cut and polished diamonds is a typical reflection of what is happening globally in terms of geo political tensions.
Rough Diamonds: Gross imports of rough diamonds stood at USD 2388.91 million (Rs. 19916.34 crores) in May 2024, showing a decline of 9.62% when compared to USD 2643.29 million (Rs. 21719.86 crores) for previous year.
Polished Lab Grown Diamonds: Provisional gross export of Polished Lab Grown Diamonds during May 2024 stood at USD 120.14 million (in Rs. 1001.59 crores) showing a decline of 13.71% as compared to USD 139.22 million (Rs. 1147.17 crores) last year. This decline is due to the volatility in demand and pricing.
Gold Jewellery: The total gross export of Gold Jewellery in the month of May 2024 stood at USD 660.55 million (Rs. 5507.71 crores), showing an uptick of 13.1% compared to USD 584.04 million (Rs. 4807.71 crores) for the same period last year. This is due to higher price realization and renewed demand for the yellow metal by consumers globally.
Coloured Gemstones: Provisional gross export of Coloured Gemstones during May 2024 stood at USD 63.2 million (in Rs. 527.2 crores) witnessing a decline of 29.02% compared to USD 89.04 million (Rs. 732.12 crores) for the same period last year.
Commenting on the same, Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery industry is going through a challenging phase for over a year. With the outbreak of geo-political tensions earlier between Russia & Ukraine and then between the Israel & Hamas has deeply impacted the exports as the demand has been volatile in the overseas markets.
Additionally, with 60+ countries undergoing elections this year, is yet another crucial event, which may further hamper trade in the said countries. Hence, this calls for a close monitoring of these events, which will further decide the course of trade activities for the rest of the year. However, with the onset of festive season that is approaching, we hope for a gradual pickup in trade activities.”
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