The gem and jewellery industry faced a notable setback in May, with a significant decline in exports. According to recent data, there was a 10.7% decrease in gem and jewellery exports, totalling Rs 22,693.41 crore.
The overall gems and jewellery exports witnessed a decline of 10.70 per cent in May at Rs 22,693.41 crore (USD 2,755.90 million), the Gem Jewellery Export Promotion Council (GJEPC) said on Wednesday.
Gem and jewellery exports stood at Rs 25,412.66 crore (USD 3,285.47 million) during May last year, GJEPC said in monthly data on its website.
According to GJEPC data, the overall exports of cut and polished diamonds (CPD) showed a decline of 12.17 per cent at Rs 14,190.28 crore (USD 1723.17 million) in May compared to Rs 16,156.04 crore in the corresponding month of 2022. Similarly, the gross exports of polished Lab Grown Diamonds during April-May witnessed a 20.57 per cent fall at Rs 1,985.83 crore (USD 236.08 million) over Rs 2,499.95 crore (USD 325.45 million) in the first two months of preceding financial year.
However, the total exports of gold jewellery increased by 7.29 per cent at Rs 5,705.32 crore (USD 693.01 million) in May as against Rs 5,317.71 crore (USD 687.18 million) in the year-ago period. Gross export of silver jewellery during April-May decreased by 68.54 per cent at Rs 1,173.25 crore (USD 141.10 million) from Rs 3,728.88 crore (USD 485.42 million) a year ago, the data added.
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