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Indian GJ imports sees marginal spike of 3.95% Y-o-Y in April 2024; exports down by 11.37%

According to data released by GJEPC, the apex body for the Gems & Jewellery Industry in India, the overall imports of Gems & Jewellery for the month of April 2024 witnessed a marginal 3.95% growth, at USD 1891.49 million (Rs. 15772.69 crores), as compared to USD 1819.54 million (Rs. 14919.69 crores) for the same period previous year. While the demand remains a bit subdued owing to elections in the country, the slight uptick can be contributed to occasional spike in demand due to Akshaya Tritiya.

On the other hand, the overall gross exports of Gems & Jewellery in April 2024 stood at USD 2074.85 million (Rs. 17307.280 crores) showing a decline of 11.37% compared to USD 2341.06 million (Rs. 19198.4 crores) for the same period last year owing to economic uncertainties and volatility at a global level. While the external factors dominate the gems & jewellery exports, there has been tremendous push given from the domestic front and further accessibility in ease of doing business will add high-octane boost to growth.

Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery industry has been sailing though rough waters for more than a year. With strong headwinds from multiple economic influences at a global level, the exports have taken a severe hit due to poor demand. Along with this, the election season across 60+ countries in this year is also a major factor adding to the impact. With the possible hope of countries at conflicts coming at a truce, we look forward for the exports to pick up in the upcoming festive season.”

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