Jaipur’s once-thriving gems and jewellery exports, which experienced a resurgence before the pandemic, are now expected to witness subdued growth in the current financial year due to a global economic slowdown, according to trade experts. International demand has also shifted towards lightweight stone-studded jewellery, encompassing both precious and non-precious gemstones.
In the financial year 2022-23, Jaipur’s gems and jewellery exports were estimated at over $1,177 million. Experts anticipate that the industry may achieve a similar figure for the current financial year. As of September, exports had already reached a noteworthy $650 million.
Jaipur, renowned for its jewellery manufacturing and colored gemstone sector, employs more than 50,000 traders. Additionally, over 100,000 craftsmen derive their livelihood from this flourishing industry.
Rahul Rajpurohit, a jeweler based in the city, revealed that their primary export destinations include the United States, Hong Kong, the United Arab Emirates, and Europe. These countries are the recipients of jewelry fashioned from gold and silver, adorned with colored gemstones.
Another local jeweler, Jitendra, remains cautiously optimistic about export figures, stating that it is still early to make concrete predictions. However, there is hope that exports will experience growth, particularly during festive seasons such as Christmas.
The COVID-19 pandemic had a profound impact on the gems and jewellery industry. In the fiscal year 2017-18, Rajasthan, with Jaipur as its principal contributor, recorded exports worth over Rs 5,260 crore. The following year saw an increase to Rs 5,730 crore.
However, the pandemic dealt a severe blow to the industry, with exports plummeting to Rs 4,065 crore in the fiscal year 2020-21. As the pandemic gradually receded, exports rebounded, reaching an impressive figure of over Rs 6,800 crore in the fiscal year 2021-22. The industry now faces the challenges posed by a global economic slowdown and evolving consumer preferences for lighter, stone-studded jewellery.
