India’s gems and jewelery exports grew 9.18 per cent to $2,998.04 million (Rs 25,194.41 crore) in October due to improved demand for cut and polished diamonds, the Gems and Jewelry Export Promotion Council (GJEPC). Total exports during the same period last year stood at $2,746.09 million (Rs 22,857.16 crore), GJEPC said in a statement.
Exports of CPD (cut and polished diamonds) increased by 11.32 per cent to $1,403.59 million (Rs 11,795.83 crore) during October this year, compared to $1,260.91 million (Rs 10,495 .06 crore) in the same month of the previous year. . “This is a welcome relief for our industry as we have experienced export growth of 9.18 per cent in October.
In particular, the export of cut and polished diamonds increased by 11.32 percent compared to October 2023. We are optimistic that this trend will continue, especially now that the holiday season is approaching in the West, which will further increase demand of gems and jewelry. Additionally, the council is making concerted efforts to expand into new markets while strengthening demand in existing markets, said Vipul Shah, chairman, GJEPC.
With Donald Trump winning the US presidential election, “we are optimistic about his promise to stabilize the geopolitical landscape and strengthen the US economy, which will support the revival of trade, business and supply chains, which will ultimately support the growth of gems and drive global demand. for jewelry,” he said.
Gold jewelery exports also rose 8.8 per cent to $1,124.52 million (Rs 9,449.37 crore) in October, according to GJEPC data. Exports amounted to $1,033.61 million (Rs 8,603.33 crore) in 2024, compared to $1,033.61 million (Rs 8,603.33 crore) in the same month last year.
Exports of lab-grown polished diamonds rose 1.27 per cent to $138.12 million (Rs 1,160.70 crore) last month, compared to $136.38 million (Rs 1,135.16 crore). ) in October of last year.
