India's Gems & Jewellery exports down by 12.94%; imports up by 35% in November 2024
· Cut & Polished diamonds exports declined by 39.81%; imports declined by 79.63% in November 2024
· Rough diamond imports declined by 20.97%
· Polished Lab Grown Diamonds exports decreased by 42.37%
· Gold Jewellery exports increased by 40.57%
· Coloured Gemstone exports declined by 11.52%
18th December 2024: As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery in November 2024 stood at USD 1986.21 million (Rs. 16763.130 crores), showing a decline of 12.94% compared to USD 2281.4 million (Rs. 19005.46 crores) for the same period last year. The economic uncertainty that prevails at an international level, reflecting into constant instability in demand and ultimately trade practices.
The overall imports of Gems & Jewellery for November 2024 stood at USD 1364.14 million (Rs. 11512.21 crores) showing a growth of 35% as compared to 1010.47 million (Rs. 8418.38 crores) for the same period last year. As we enter the wedding season in India, the jewellery buying is at peak and the rise in imports is driven this domestic demand.
Cut and Polished Diamonds: The overall gross export of Cut & Polished diamonds declined by 39.81% in November 2024, standing at USD 666.01 million (Rs. 5622.11 crores) compared to USD 1106.53 million (Rs. 9217.88 crores) for the corresponding period last year. This can be attributed to the muted demand in the international markets.
Similarly, the overall gross imports of Cut & Polished diamonds saw a decline of 79.63%, which stood at USD 54.03 million (Rs. 455.94 crores) when compared to USD 265.32 million (Rs. 2210.41 crores) for the same period last year.
Rough Diamonds: Gross imports of rough diamonds stood at USD 6960.40 million (Rs 58223.36 crores) in November 2024, showing a decline of 20.97% when compared with the imports for the same period last year which stood at USD 8807.19 million (Rs. 72684.02 crores). With the global economic uncertainty looming, the consumers have been taking a cautious step in terms of investing in diamonds, which is a non-yielding asset. However, with the ongoing wedding and holiday season, we hope to see a rebound in demand.
Polished Lab Grown Diamonds: The total gross export of Polished Lab Grown Diamonds during November 2024 stood at USD 62.88 million (Rs. 530.86 crores) showing a decline of 42.37% as compared to USD 109.10 million (Rs. 908.89 crores) for the previous year. This is due to the muted demand in the global markets that has led to low consumption. However, this product category is still defining its own space and audience, and will ultimately see a rise in demand in the long run.
Gold Jewellery: The total gross export of Gold Jewellery in November 2024 stood at USD 1132.68 million (Rs. 9558.44 crores), showing a significant growth of 40.57% compared to USD 805.76 million (Rs. 6712.53 crores) for the same period last year. Gold prices have been touching new levels, making it the most desirable asset class to behold in times of economic uncertainty that the world is currently going in.
Coloured Gemstones: Provisional gross export of Coloured Gemstones during November 2024 stood at USD 285.45 million (in Rs. 2391.56 crores) witnessing a decline of 11.52% compared to USD 322.63 million (Rs. 2665.56 crores) for the same period last year.
Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry said, "The prolonged geo-political tension continues to remain a matter of concern for the Indian Gems and Jewellery industry, which has led to a slowdown in exports after seeing an uptick in the previous month. Therefore, any critical developments on the geopolitical front may continue to disrupt the trade activities in the times ahead. However, with the holiday season around the corner, we expect the demand to stay upbeat driven by heightened buying sentiment."
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