India's overall gems and jewellery exports witnessed an on-year decline of 13.44 per cent in June at Rs 15,939.77 crore (USD 1,909.57 million) amid muted demand in overseas markets, according to data by Gem and Jewellery Export Promotion Council (GJEPC).
The total gems and jewellery exports stood at Rs 18,413.88 crore (USD 2,240.77 million) during June 2023, the GJEPC data added.
"This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets, which has pushed the demand southwards in the overseas markets," former GJEPC chairman and Kama Jewelry Managing Director Colin Shah said.
The overall exports of cut and polished diamonds dipped by 25.17 per cent in June to Rs 8,496.87 crore (USD 1,017.87 million), compared to Rs 11,354.67 crore (USD 1,382.13 million) for the same period of the previous year.
Shah said, this was mainly due to the weak demand from the key markets, China being the key one as it ..
