Gems, Jewellery Exports Drop 5% In May

India's overall gems and jewellery exports fell by 4.97 per cent in May 2024, reaching Rs 20,713.37 crore compared to Rs 21,795.65 crore in the same month last year, according to the Gem and Jewellery Export Promotion Council (GJEPC). 

This decline reflects the sector's ongoing challenges amid a fluctuating global economic landscape. Despite the overall downturn, specific segments within the industry displayed growth. Gold jewellery exports rose by 13.1 per cent, amounting to Rs 5,507.71 crore in May 2024, up from Rs 4,807.71 crore in May 2023. 

Similarly, silver jewellery exports surged to Rs 1,103.72 crore from Rs 665.13 crore during the same period last year.

However, the export of cut and polished diamonds experienced a significant decrease, falling to Rs 12,270.54 crore from Rs 14,190.28 crore in May 2023. 

"India's gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth witnessed in categories such as gold and silver jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation and excellence to ensure sustained growth for the industry," said Vipul Shah, chairman, GJEPC.