According to the latest data by GJEPC, the apex body for the Gems & Jewellery (GJ) Industry in India, the overall gross exports of Gems & Jewellery stood at USD 32022.08 million for the April 2023-March 2024 as compared to USD 37646.17 million for the same period previous year, showing a decline of 14.94%.
Whereas, for the month of March 2024 alone, the overall gross exports of Gems & Jewellery, saw a downfall of 11.85%, standing at USD 2292.58 million as compared to USD 2600.86 million for the same period last year.
The overall gross imports of Gems & Jewellery for April 2023-March 2024 period stood at USD 22267.839 million as compared to USD 25844.46 million for the same period previous year, showing a decline of 13.84%.
For the month of March 2024, the overall gross imports of Gems & Jewellery were at USD 2071.68 million, showing a marginal growth of 0.03% as compared to USD 2071.11 million for the same period last year.
Cut and Polished Diamonds: The overall gross exports of Cut & Polished diamonds stood at USD 15966.47 million, showing a contraction of 27.58% as compared to USD 22046.9 million for the same period of previous year.
However, the overall gross imports of Cut & Polished diamonds saw an increase of 46.12%, which stood at USD 1911.0 million compared to USD 1307.83 million for the same period last year. The major influence on diamond exports from India is by the subdued demand in the international consumer markets, pushed by the unprecedented economic weather changes.
Rough Diamonds: Gross imports of rough diamonds for the period April 2023-March 2024 saw a decline of 17.85%, standing at USD 14266.75 million as compared to USD 17367.42 million for previous year. This dip in imports is the counter-effect of poor diamond exports which has led to piling up of the inventory.
Polished Lab Grown Diamonds: Provisional gross export of Polished Lab Grown Diamonds for the period April 2023-March 2024 was at USD 1402.3 million, showing a decline of 16.54% compared to USD 1680.22 million last year. While this product category is still setting its benchmark in the consumer markets, we see this as a ripple effect of the overall downtime at the trade front.
Having said that, LGDs are strongly emerging a favourite among young buyers and can give a tough time to its naturally-mind counterparts in the times to come.
Gold Jewellery: Provisional gross export of Total Gold Jewellery for April 2023-March 2024 stood at USD 11140.780 million, showing a surge of 16.79% over USD 9538.84 million for the same period last year. The rise in gold jewellery exports come given the rising inclination of masses towards the yellow metal at a global level.
This is owing to the economic certainty fanning the gold rates to newer highs, deriving greater yields.
Coloured Gemstones: Provisional gross export of Coloured Gemstones for the period April 2023-March 2024 was at USD 478.68 million, which saw an uptick of 13.94% which stood at USD 420.12 million last year. The market for coloured gemstones largely includes buyers from the wealthier strata of the society and hence, the demand overall remains floated with some negligible ups and downs.
Commenting on the same, Colin Shah, MD, Kama Jewelry, said, “The slowdown in the overall gems and jewellery exports can be attributed to dampened demand influenced by multiple reasons at geo-political front, the recent one being the Iran-Israel conflict. Constant tension at an international level has disrupted the trade flow due to poor consumer demand.
While the industry hopefully waits and watch for the demand to regain its sheen, we are hopeful to see some improvisation from the second half of 2024. Parallelly, the positive economic outlook at the domestic front fuelling the purchasing power of the masses will help the industry bring about a balance and sustain as the situation cools down internationally.”
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
