Indian jewelry is worn all over the world. The gold that India imports is converted into jewelry and sold in countries around the world. The demand for Indian jewelry has always been at its peak. This is the reason why Indian traders also import a lot of gold. But for some time now, the craze for Indian jewelry abroad has decreased and there has been a decline in purchases. Due to the low demand from abroad, the export of Indian jewelry has decreased significantly. Let us also tell you what kind of export figures have come out?
According to data from the Gems and Jewellery Export Promotion Council, India's gems and jewellery exports declined by 18.79 per cent to $2.01 billion in August due to sluggish global demand. Gems and jewellery exports stood at $2.47 billion during August 2023. GJEPC, however, said that exports during the month under review were much better than in July, when it was $1.66 billion. GJEPC Chairman Vipul Shah said that we need to work hard to meet the demand of major export markets like the US and China.
The data also showed that exports of cut and polished diamonds in August fell by almost 26 percent to $1 billion, compared to $1.36 billion in the same period last year. Total exports of gold jewellery also fell by 1.15 percent to $68 crore 76.9 lakh during the month under review.
Commenting on the figures, Colin Shah, Managing Director, Kama Jewellery, said that the gems and jewellery sector is performing well domestically as compared to the global market scenario. He said that the reduction in gold prices after the reduction in customs duty will be passed on to the buyers, which will ultimately increase the sales. He said that the sector has been facing a slowdown in exports for the longest time and sales during this festive season will provide some relief from it.
