Bengaluru, NFAPost: In a recent update, the Gem Jewellery Export Promotion Council (GJEPC) revealed that the overall gems and jewellery exports experienced a decline of 10.70% in May, amounting to Rs 22,693.41 crore (USD 2,755.90 million). Comparatively, during the same month last year, gem and jewellery exports stood at Rs 25,412.66 crore (USD 3,285.47 million), as stated in the monthly data published on the GJEPC website.
The data provided by GJEPC further highlighted that the exports of cut and polished diamonds (CPD) witnessed a decline of 12.17% in May, with a value of Rs 14,190.28 crore (USD 1,723.17 million) compared to Rs 16,156.04 crore in the corresponding month of 2022.
Additionally, there was a notable 20.57% decrease in the gross exports of polished Lab Grown Diamonds during April and May, amounting to Rs 1,985.83 crore (USD 236.08 million), compared to Rs 2,499.95 crore (USD 325.45 million) recorded in the first two months of the previous financial year.
However, amidst the overall decline, the total exports of gold jewellery experienced positive growth of 7.29% in May, reaching Rs 5,705.32 crore (USD 693.01 million), compared to Rs 5,317.71 crore (USD 687.18 million) during the same period last year.
On the other hand, the gross export of silver jewellery witnessed a significant decrease of 68.54% during April and May, amounting to Rs 1,173.25 crore (USD 141.10 million), compared to Rs 3,728.88 crore (USD 485.42 million) recorded a year ago.
While the overall exports of gems and jewellery faced a decline in May, the increase in gold jewellery exports provides a glimmer of hope for the industry. Industry experts will closely monitor the trends in the coming months to assess the trajectory of the sector and devise strategies for recovery.
