Gems & Jewellery Exports Plunge 23.49% In Feb Amid Weak Global Demand: GJEPC

2025-03-20 02:21:57

(MENAFN- KNN India) New Delhi, Mar 20 (KNN) India's gems and jewellery exports declined significantly in February, falling by 23.49 per cent to USD 2,422.9 million (Rs 21,085.030 crore) compared to the same month last year, according to data released by the Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday.

This decline continues a downward trend as exports in the corresponding period of 2024 had stood at USD 3,166.66 million (Rs 26,268.6 crore).

The downturn extends beyond the monthly figures, with cumulative exports from April 2024 to February 2025 showing a 13.43 per cent reduction at USD 25,732.72 million (Rs 2,17,148.26 crore) compared to USD 29,724.13 million (Rs 2,46,105.96 crore) for the same period in the previous fiscal year.

Recently elected GJEPC Chairman Kirit Bhansali attributed the decline to persistent weak demand in key markets, particularly China and the United States.

"The ongoing geopolitical tensions have impacted the demand in key export markets including the US, China and the G7 nations. Also, the correction in rough diamond prices by 10-15 per cent impacted the value causing the overall decline in exports," Bhansali told PTI.

The data further revealed that exports of cut and polished diamonds, a major component of the sector, fell by 20.2 per cent to USD 1,362.67 million (Rs 11,860.71 crore) in February, down from USD 1,707.62 million (Rs 14,164.1 crore) in the same period last year.

Gold jewellery exports also experienced a significant decline during the period under review, dropping by 18.09 per cent to USD 752.76 million (Rs 6,549.46 crore) compared to USD 919.04 million (Rs 7,624.37 crore) for the same period of the previous year.

Exports of polished lab-grown diamonds followed the same downward trend in February, decreasing by 19.58 per cent to USD 112.05 million (Rs 975.22 crore) against USD 139.33 million (Rs 1,155.79 crore) in the same period of the previous year.

(KNN Bureau)

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