Mr. Colin Shah, Founder and Managing Director of Kama Jewelry
“The Indian gems and jewellery exports has been on a continuous downtrend for almost a year now. While the major influence of this remains to the global political unrest, the ripple effect of this can be seen through other triggers including the rise in export duties, rising prices of precious metals and on the contrary, a low-end demand in the overall international markets due to weak purchasing power.
While the mainstream industry goes through a sluggish phase, it is notable to see that even lab-grown-diamonds have not grown as expected and have shown a small rise of 2.90% in exports.
Parallelly, it is interesting to see the overall imports in gems & jewellery witnessing a rise, showcasing a robust demand in the domestic market. This demand is here to stay and will remain unimpacted in the long run as well. We owe it to the economic stability in the country leading to higher disposable incomes and purchasing power along with the sentimental value towards precious metals.
Overall, with the plans of US Fed for a potential rate cut, the exports are expected to witness a gradual but steady rise as we will enter in H2 2024.”
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