India’s diamond sector is experiencing a positive recovery, as recent data from the Gems and Jewellery Export Promotion Council (GJEPC) reveals a significant growth in exports of cut and polished diamonds from Surat. In October 2024, exports reached Rs. 11,795 crore (USD 1.4 billion), marking an 11.32% increase compared to the same period last year.
This growth follows a challenging period for the industry, reflecting a surge in global demand for India’s finely crafted diamonds. In October 2023, exports were valued at Rs. 10,495 crore (USD 1.26 billion), showing a clear rebound for the sector.
While the year-to-date figures from April to October 2024 reveal a decline of 16.56% in dollar terms, amounting to USD 8.31 billion (INR 69,558.49 crore), October’s growth provides hope for a strong finish to the year, especially with the approaching holiday season. Traditionally, this period drives a surge in demand for jewellery worldwide.
Vipul Shah, Chairman of GJEPC, expressed optimism about the industry’s recovery. “October’s export growth is encouraging. We believe the upcoming holiday season will boost demand further. Our efforts to explore new markets should also contribute to long-term growth,” he said.
Beyond diamonds, India’s overall gem and jewellery exports saw positive results. For October 2024, total exports amounted to USD 2.99 billion (Rs. 25,194.41 crore), reflecting a 9.18% growth in dollar terms and 10.23% in rupee terms compared to October 2023.
Gold jewellery exports performed well, with an 8.8% increase in dollar terms, reaching USD 1.12 billion (Rs. 9,449.37 crore). Studded gold jewellery, in particular, saw impressive growth, up 16.08%, demonstrating strong global demand for high-value, embellished pieces.
Additionally, polished lab-grown diamonds recorded modest growth of 1.27%, totalling USD 138.12 million (Rs. 1,160.70 crore), indicating steady interest in sustainable and ethical alternatives in the diamond market.
This positive growth across multiple sectors strengthens India’s position as a major player in the global jewellery trade. Despite ongoing challenges, Surat’s diamond exports continue to shine, signaling resilience and potential for future growth.
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