A notable drop in exports has been reported due to weakened consumer demand driven by global unrest, particularly in major markets such as the US and China.
Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), stated, “Exports have been negatively impacted by reduced demand caused by geopolitical issues in key markets like the US and China. The economic struggles in China have led to a significant slowdown in demand.”
Recent data shows a sharp decline in the export of cut and polished diamonds (CPD), which fell by 21.34% in July. The total export value dropped to $907.67 million from $1,174.41 million during the same period last year. Similarly, gold jewellery exports saw a 10.53% decrease, totaling $530.38 million compared to $603.12 million in July 2022.
Despite these setbacks, the India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, achieved substantial success. The event generated business worth approximately $12 billion (₹1 lakh crore) and drew over 50,000 buyers, including international delegations from 13 countries such as Cambodia, Japan, and the United Kingdom.
Shah praised the IIJS Premiere 2024 for its role in boosting exports and broadening India’s global presence. He noted that gold jewellery transactions were particularly strong due to recent price declines. “The success of IIJS Premiere 2024 highlights its importance as a key platform for global market connections and trade opportunities,” Shah added.
