Gems, jewelry exports down 15.81% to $2,263 mn in Might: GJEPC

Picture used for illustration
| Photograph Credit score: Reuters

The general gems and jewelry exports declined 15.81% to $2,263.42 million (₹19,260.81 crore) in Might in comparison with the identical interval of the earlier 12 months following tariff announcement by the U.S., GJEPC mentioned on Tuesday.

The trade exports stood at $2,688.38 million (₹22,414.02 crore) throughout the identical interval of 2024, in keeping with Gems and Jewelry Export Promotion Council (GJEPC) knowledge.

Exports of reduce and polished diamonds declined 35.49% in Might to $949.70 million (₹8,089.81 crore) in comparison with $1,472.08 million (₹12,272.03 crores) for a similar interval of earlier 12 months.

In the meantime, exports of polished lab-grown diamonds in Might declined 32.7% to $80.90 million (₹689.71 crore) from $120.32 million (₹1,003.06 crore) for the earlier 12 months.

Nevertheless, gold jewelry exports went up 17.24% to $997.50 million (₹8,482.61 crore) as in comparison with $850.81 million (₹7,094.52 crore) for a similar interval of earlier 12 months.

Gross exports of silver jewelry throughout April-Might declined 17.59% to $150.08 million (₹1,281.92 crore) in opposition to $182.11 million (₹1,518.69 crore) in the identical interval of earlier 12 months.

General exports of colored gem stones throughout April-Might confirmed a decline of 1.13% to $62.51 million (₹533.08 crore) in opposition to $63.22 million (₹527.36 crore) in the identical interval final 12 months.

“The general exports proceed to say no and in Might the dip was 15.81% primarily as a result of tariffs announcement by the US. Nevertheless, gold jewelry exports have gone up as a result of persevering with geopolitical tensions within the Center East, which has elevated the demand for the dear metallic as a secure haven,” GJEPC Chairman Kirit Bhansali advised PTI.