India’s gems and jewellery exports are likely to decline by 10 to 15% in the current financial year on account of slowing demand in key markets like the U.S. and China, GJEPC Chairman Vipul Shah has said.
The gems and jewellery exports grew 2.48% year-on-year to ₹3,00,462.52 crore (over $36 billion) in FY23, according to the Gems and Jewellery Export Promotion Council (GJEPC).
Addressing the media, on the sidelines of an event here on Monday evening, the GJEPC Chairman informed that the Commerce Ministry has given a target of $42 billion for the gems and jewellery segment exports in 2023-24.
“For gems and jewellery, the major contributing market is the U.S. and China, the demand is slowing there. Rising interest cost, inflation, all these concerns and consumers’ confidence is also going down,” Mr. Shah said.
Going ahead, “we expect that overall we should see a 10 to 15% decline in the gems and jewellery exports,” he said on GJEPC estimates for the current fiscal ending March.
Diamonds constitute more than 55% of the overall gems and jewellery export basket, Mr. Shah informed.
The exports target (for the current fiscal) is $42 billion which was given by the Ministry of Commerce, he added.