Gem and Jewellery Exports Shine Despite Global Challenges

The Gem and Jewellery Export Promotion Council reported a 6.55% rise in exports for September, reaching USD 2.91 billion. Despite U.S. tariff challenges, growth is expected due to festive and wedding seasons. Relief measures are sought to aid U.S. market exporters affected by tariffs.

The Gem and Jewellery Export Promotion Council (GJEPC) announced a 6.55% increase in overall gem and jewellery exports for September, totaling USD 2,914.29 million, up from the previous year's USD 2,735.26 million. This rise is attributed to increasing demand linked to festive and wedding seasons.

Despite global economic headwinds, key markets such as the UAE, Hong Kong, and the UK have witnessed consistent growth in gem and jewellery exports. However, the U.S., a significant market, faced a stark 40.28% drop in exports for the April-September period due to ongoing tariff issues.

GJEPC Chairman Kirit Bhansali highlighted the Council's efforts in coordinating with the government to seek tariff relief and financial support for exporters, proposing measures such as deferred interest on working capital loans and liquidity packages for MSMEs to mitigate financial stress in the U.S. market.