India's Gems And Jewellery Exports Decline 5% To Rs 20,713 Crore In May

India's overall gems and jewellery exports in May declined 4.97% to Rs 20,713.37 crore compared to the same period a year ago, Gem and Jewellery Export Promotion Council (GJEPC) data showed. The exports stood at Rs 21,795.65 crore ($2,646.92 million) during May 2023.

However, the total export of gold jewellery saw 13.1% growth at Rs 5,507.71 crore in May 2024 as compared to Rs 4,807.71 crore in the same period a year ago. Exports of silver jewellery also surged to Rs 1,103.72 crore last month from Rs 665.13 crore in May 2023.

The overall gross export of cut and polished diamonds declined to Rs 12,270.54 crore from Rs 14,190.28 crore.

"India's gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth witnessed in categories such as gold and silver jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation and excellence to ensure sustained growth for the industry," GJEPC chairman Vipul Shah said.

As the industry continues to navigate through dynamic market conditions, GJEPC remains optimistic about the sector's long-term prospects, leveraging India's rich heritage and skilled workforce to capitalise on emerging opportunities, Shah added.