Export of coloured Gems from Jaipur drops over 23% in May 2024

The effect of the rapid rise in the prices of gold and silver is now being felt on the export of gems and jewellery. The rise in prices has not only led to lack of customers in the domestic market, but the expected improvement in international business is also not happening. The figures released by the Gem and Jewellery Export Promotion CouncilGJEPC, the largest national organisation of jewellers, are a witness to fact that there was weakness in the export of gems and jewellery from the country in both April and May, but the matter of satisfaction is that there is a trend of improvement in export of plain and studded gold jewellery. Apart from the current international conditions, slackness in the April to June quarter every year is also held responsible for decrease in jewellery exports.

According to the figures of gems and jewellery exports from the country, the start of this financial year has not been good. The highest share in the export of gems and jewellery from India is of diamonds, but despite the ongoing business slowdown at the international level and the fall in the prices of diamonds, their export is not improving. In May, there has been a decline of 13.53 percent in the export of diamonds, which is even more than this i.e. 14.58 percent according to dollar values.

Jaipur jewelers have expertise in the export of colored gems. Jaipur jewelers have the largest share in the export of colored gems from India, but on the export front, Jaipur jewelers have also been lagging behind continuously for the last two months. In May 2024, colored gems worth Rs 319.98 crore were exported from India, while in May 2023, colored gems worth Rs 417.31 crore were exported. That is, there was a decline of 23.32% in the export of colored gems in May 2024. While in dollar values, this decline was 38.37 million US dollars i.e. 24.26 percent compared to US $ 50.66 million last year. Regarding the decrease in exports, Nirmal Bardia, convener of the Rajasthan unit of the Gem and Jewellery Export Promotion Council, believes that after June, not only is there a hope, but there may also be a jump in exports in next quarter.

According to gem and jewellery export data, in May 24, the total export of gems and jewellery worth Rs 20713.37 crore was done from India, which was 4.97 percent less than Rs 21795.65 crore in May 23. In dollar values, this export fell by 6.14 percent to US $ 2484.48 million in May 2024. Now it is expected that from next month international demand will improve.