The overall Gems and Jewellery exports of India saw an 11.49% decline to Rs 22,873.19 crore during October, according to the Gem and Jewellery Export Promotion Council (GJEPC) data.

During October 2022, the gross exports stood at Rs 25,843.84 crore, according to the data.

In October 2023, the cut and polished diamond exports saw a 32.70% fall to Rs 10,495.06 crore compared to Rs 15,594.49 crore in the year-ago period. The lab-grown diamond’s gross exports in the month of October dropped by 23.01% to Rs 1,135.16 crore from Rs 1,474.38 crore posted in the same month of the previous year.

Vipul Shah, Chairman of GJEPC, said, “The overall gems and jewellery exports were down in October mainly due to a slowdown in demand in key markets like the US and supply constraints of diamonds, which constitute 50% of the total shipments. We are hoping the markets pick up during the Christmas season.”

However, the total gross export of gold jewellery in India has increased to Rs 8,619.38 crore, marking a 33.48% increase from Rs 6,457.48 crore recorded in the same period of the previous year.