The overall gem and jewellery exports witnessed a 21.93 per cent year-on-year decline in July to USD 1,665.4 million (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (GJEPC) has said.
According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall exports in the category in July 2023 stood at Rs USD 2,170.71 million.
"The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI.
The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to USD 907.67 million from USD 1,174.41 million in the year-ago period.
Gold jewellery exports also witnessed a 10.53 per cent decline in July to USD 530.38 million compared to USD 603.12 million in the
