India's gems and jewellery exports decline 31% in October: GJEPC
India's gems and jewellery exports declined by 30.57 per cent in October to USD 2,168.05 million (Rs 19,172.890 crore) compared to the same period of previous year, according to industry body GJEPC.The overall exports of the sector stood at USD 3,122.52 million (Rs 26,237.1 crore) in October 2024, showed the data released by the Gems and Jewellery Export Promotion Council (GJEPC).
‘The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented. Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down. The decline in gold and silver exports is triggered by volatile bullion prices,’ GJEPC chairman Kirit Bhansali told PTI.
However, he added that in November the exports are expected to pick up again as the Chinese markets are slowly recovering and there will be Christmas demand in other key markets.
Exports of cut and polished diamonds witnessed a decline of 26.97 per cent at USD 1,025.99 million (Rs 9,071.41 crore) in October compared to USD 1,404.85 million (Rs 11,806.45 crore) recorded in the same period of previous year.
Shipments of polished lab-grown diamonds in October also dipped by 34.90 per cent to USD 94.37 million (Rs 834.45 crore) against USD 144.96 million (Rs 1,218.25 crore) in the corresponding month of the previous year.
Gold jewellery exports also dropped by 28.4 per cent to USD 850.15 million (Rs 7,520.34 crore) compared to USD 1,187.34 million (Rs 9,975.17 crore) in the same period of previous year.
Similarly, exports of coloured gemstones during April-October saw a decline of 3.21 per cent to USD 250.14 million (in Rs 2,173.08 crore) from USD 258.42 million (Rs 2,163.52 crore) of shipments registered in the year-ago period.
Silver jewellery exports during October dipped by 16 per cent to USD 121.37 million (Rs 1,072.81 crore) compared to USD 145.05 million (Rs 1,219.01 crore) in the same period of 2024, the data showed.
During the WAVES Summit in Mumbai, Prime Minister Narendra Modi underlined India's developing position in the global creative economic sector. During his opening address, India earned the description of an "orange economy" because cultural and creative sectors drive both financial growth and job creation. Rajnikanth and Mukesh Ambani joined
The Mahahtra government achieved a historical milestone by returning to India the historic sword of Raghuji Bhosale I during a Sotheby’s auction in London, which belonged to a notable 18th-century Maratha ruler. The state of Mahahtra achieves its first success in acquiring historical artifacts from international auctions. The bidding
Stay updated with The Hindu Editorial Vocab24 app, your definitive source for breaking news and comprehensive coverage from India and around the globe. Whether it's political developments, business updates, sports highlights, the latest technology trends, or current events, The Hindu brings live, accurate, and reliable news directly to your device.
Don’t fall for sensationalized or fake news shared online. Read and share accurate updates with friends and family through The Hindu Editorial Vocab24 app. Download it today!
News Coverage in The Hindu Editorial Vocab24 App
Breaking News: Receive instant notifications on breaking news stories as they unfold. Stay informed about major events and developments in India and around the world with live blogs, news in shorts videos, and concise articles.
Politics: Get the latest updates on Indian politics, including elections, policy changes, government decisions, and political events that shape the nation.
Business and Economy: Stay ahead in the economic landscape with detailed business news and market analysis. Learn about stock market trends, financial reports, corporate news, and economic developments to make informed investment decisions.
Current Events: Follow stories on social issues, policy changes, global events, and daily current affairs, tailored for UPSC and other competitive exam preparations.
Technology: Keep up with the latest gadgets, innovations, and tech trends. Read expert reviews and analyses in short, concise updates on cutting-edge technology from India and beyond.
Sports: Never miss a moment of your favorite sports. Get live scores, match reports, and expert analysis on cricket, football, tennis, and more.
International News: Stay informed about global events and geopolitical developments, including the Russia-Ukraine war, Israel-Palestine conflict, and other key international stories.
Local News: Stay connected to your community with the latest updates on city events, issues, and local news. Coverage includes hyperlocal updates from cities like Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Kolkata, and more.
Trending Topics: Discover what's trending today with the most talked-about stories and hot topics across India and the world.
Experience journalism that values integrity, accuracy, and reliability. Download The Hindu Editorial Vocab24 app today and stay connected with the world.
Subscribe to our newsletter!
