Gem and Jewellery Exports Decline Amid Global Turmoil; IIJS Premiere Generates USD 12 Billion Business

Gem and jewellery exports dropped by 21.93% in July, reaching USD 1,665.4 million, due to faltering consumer demand amid global unrest. The demand in key markets like the US and China significantly reduced. However, the IIJS Premiere 2024 generated USD 12 billion in business, attracting over 50,000 buyers worldwide.

Gem and jewellery exports experienced a 21.93% decline in July, amounting to USD 1,665.4 million (Rs 13,922.03 crore), the Gem and Jewellery Export Promotion Council (GJEPC) reports. The drop is attributed to diminished consumer demand due to global instability.

Data from GJEPC shows that overall exports in this sector for July 2023 were USD 2,170.71 million. “Exports have been impacted primarily due to a decline in demand following geopolitical unrest in major markets like the US and China. The Chinese market, in particular, has seen a significant slowdown due to its struggling economy,” GJEPC Chairman Vipul Shah told PTI.

Specifically, cut and polished diamonds exports dropped by 21.34% to USD 907.67 million, while gold jewellery exports fell by 10.53% to USD 530.38 million, compared to the previous year. Despite the downturn, the six-day India International Jewellery Show (IIJS) Premiere 2024 from August 9-13 reported a business volume of about USD 12 billion. The event attracted over 50,000 buyers and international delegations from 13 countries.

“IIJS Premiere 2024 was a resounding success, generating more than USD 12 billion in business. This was mainly driven by gold jewellery sales following a decline in gold prices,” Shah noted. The show showcased innovative designs appealing to millennials and Gen Z. “The event has played a key role in boosting exports and extending our global reach,” he added.