India's gem and jewelry exports could fall by as much as 15 per cent this year as demand from key markets remains slow "For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising interest cost, inflation, all these concerns and consumers' confidence is also going down," GJEPC Chairman Vipul Shah said.
Exports of polished diamonds, which account for just over half of India's gem and jewelry foreign sales, were down by over 31 per cent year-on-year in June.
The Ministry of Commerce's target for all gem and jewelry exports the current financial year, ending March 2024, is $42bn. The GJEPC's figure for April to June 2023 is $7.2bn.
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