Latest news with #GemsandJewelleryExportPromotionCouncil
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Business Standard
6 days ago
- Business
- Business Standard
Gems, jewellery exports down 15.81% to $2,263 million in May: GJEPC
The industry exports stood at $ 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data Press Trust of India Mumbai The overall gems and jewellery exports declined 15.81 per cent to $ 2,263.42 million (Rs 19,260.81 crore) in May compared to the same period of the previous year following tariff announcement by the US, GJEPC said on Tuesday. The industry exports stood at $ 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data. Exports of cut and polished diamonds declined 35.49 per cent in May to $ 949.70 million (Rs 8,089.81 crore) compared to $ 1,472.08 million (Rs 12,272.03 crores) for the same period of previous year. Meanwhile, exports of polished lab-grown diamonds in May declined 32.76 per cent to $ 80.90 million (Rs 689.71 crore) from $ 120.32 million (Rs 1,003.06 crore) for the previous year. However, gold jewellery exports went up 17.24 per cent to $ 997.50 million (Rs 8,482.61 crore) as compared to $ 850.81 million (Rs 7,094.52 crore) for the same period of previous year. Gross exports of silver jewellery during April-May declined 17.59 per cent to $ 150.08 million (Rs 1,281.92 crore) against $ 182.11 million (Rs 1,518.69 crore) in the same period of previous year. Overall exports of coloured gemstones during April-May showed a decline of 1.13 per cent to $ 62.51 million (Rs 533.08 crore) against $ 63.22 million (Rs 527.36 crore) in the same period last year. "The overall exports continue to decline and in May the dip was 15.81 per cent mainly due to the tariffs announcement by the US. However, gold jewellery exports have gone up due to the continuing geopolitical tensions in the Middle East, which has increased the demand for the precious metal as a safe haven," GJEPC Chairman Kirit Bhansali told PTI.
Reuters
14-04-2025
- Business
- Reuters
India's polished diamond exports hit two-decade low, industry group says
MUMBAI, April 14 (Reuters) - India's exports of cut and polished diamonds plummeted to their lowest level in nearly two decades in the 2024/25 fiscal year, which ended in March, on sluggish demand from the United States and China, a leading trade body said on Monday. India is the world's largest cutting and polishing hub, handling nine out of every 10 diamonds processed globally. But it is sensitive to economic uncertainty - particularly in the U.S., its biggest market. Cut and polished diamond exports, which usually account for nearly half of overall gem and jewellery shipments, fell 16.8% to $13.3 billion year-on-year, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement. The slump dragged down overall gem and jewellery exports by 11.7% to $28.5 billion - a four-year low - from $32.28 billion the previous year. The lower demand for polished diamonds also prompted Indian processors to reduce imports of rough diamonds by 24.3% to $10.8 billion, the trade body said. Gems and jewellery exports rose by 1% year-on-year in March, however, to $2.56 billion, the GJEPC said, as exporters ramped up shipments ahead of announced U.S. tariffs. U.S. President Donald Trump initially planned to place a 27% tariff on imported Indian goods from April 9 as part of duties targeting dozens of countries, but then declared a 90-day pause on the measure. "U.S. buyers were loading up in March before the tariffs kicked in. Indian exporters were also rushing to ship out U.S. orders first, so they wouldn't get hit with those extra costs," said Shaunak Parikh, vice-chairman of GJEPC. India's gems and jewellery exports are unlikely to recover this year, one major Mumbai-based exporter told Reuters, as the U.S. tariffs have roiled global markets and shaken buyer confidence.
Zawya
14-04-2025
- Business
- Zawya
India's polished diamond exports hit two-decade low, industry group says
India's exports of cut and polished diamonds plummeted to their lowest level in nearly two decades in the 2024/25 fiscal year, which ended in March, on sluggish demand from the United States and China, a leading trade body said on Monday. India is the world's largest cutting and polishing hub, handling nine out of every 10 diamonds processed globally. But it is sensitive to economic uncertainty - particularly in the U.S., its biggest market. Cut and polished diamond exports, which usually account for nearly half of overall gem and jewellery shipments, fell 16.8% to $13.3 billion year-on-year, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement. The slump dragged down overall gem and jewellery exports by 11.7% to $28.5 billion - a four-year low - from $32.28 billion the previous year. The lower demand for polished diamonds also prompted Indian processors to reduce imports of rough diamonds by 24.3% to $10.8 billion, the trade body said. Gems and jewellery exports rose by 1% year-on-year in March, however, to $2.56 billion, the GJEPC said, as exporters ramped up shipments ahead of announced U.S. tariffs. U.S. President Donald Trump initially planned to place a 27% tariff on imported Indian goods from April 9 as part of duties targeting dozens of countries, but then declared a 90-day pause on the measure. "U.S. buyers were loading up in March before the tariffs kicked in. Indian exporters were also rushing to ship out U.S. orders first, so they wouldn't get hit with those extra costs," said Shaunak Parikh, vice-chairman of GJEPC. India's gems and jewellery exports are unlikely to recover this year, one major Mumbai-based exporter told Reuters, as the U.S. tariffs have roiled global markets and shaken buyer confidence.
