- Cut & Polished diamonds exports up by 11.32%; imports increased by 4.79% in October 2024
- Rough diamond imports declined by 24.3%
- Polished Lab Grown Diamonds exports increased by 1.27%
- Gold Jewellery exports increased by 8.8%
- Coloured Gemstone exports declined by 13.97%
18th November 2024: As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery in October 2024 stood at USD 2998.04 million (Rs. 25194.410 crores) showing a growth of 9.18% compared to USD 2746.09 million (Rs. 22857.16 crores) for the same period last year. This can be considered as a relief for the Indian gems & jewellery industry after a stormy 2024 causing volatility in markets.
The overall imports of Gems & Jewellery for October 2024 stood at USD 1486.53 million (Rs. 12489.33 crores) showing a decline of 14.65% as compared to USD 1741.77 million (Rs. 14496.03 crores) for the same period last year. The Indian jewellery traders and manufacturers are taking cautious steps and are more inclined to clear the existing inventory. The upcoming Indian wedding season along with holiday season in the west will together intensify the demand and thus we should say a rise in imports and exports both.
Cut and Polished Diamonds: The overall gross export of Cut & Polished diamonds rose by 11.32% in October 2024, standing at USD 1403.59 million (Rs. 11795.83 crores) compared to USD 1260.91 million (Rs. 10495.06 crores) for the corresponding period last year. This is due to the strengthening demand in the international markets on the back of some normalcy seen in geo-political tensions which has given boost to consumption.
Similarly, the overall gross imports of Cut & Polished diamonds saw a growth of 4.79%, which stood at USD 205.91 million (Rs. 1729.91 crores) when compared to USD 196.5 million (Rs. 1635.47 crores) for the same period last year.
Rough Diamonds: Gross imports of rough diamonds stood at USD 6428.40 million (Rs 53733.31 crores) in October 2024, showing a decline of 24.3% when compared with the imports for the same period last year which stood at USD 8492.41 million (Rs. 70061.18 crores). This is because diamonds have a niche market and with the increasing global economic uncertainty, people have turned to investing more in gold due to its safe haven feature. However, with ongoing wedding and holiday season in sight, we anticipate to see the demand going upwards in the coming months.
Polished Lab Grown Diamonds: The total gross export of Polished Lab Grown Diamonds during October 2024 stood at USD 138.12 million (in Rs. 1160.70 crores) showing a minimal growth of 1.27% as compared to USD 136.38 million (Rs. 1135.16 crores) for the previous year. This is due to the rising preference and growing awareness amongst the new age customers about this product category which has supported the demand. The signs of the same has already started to become evident and it is expected to gain momentum in the coming months.
Gold Jewellery: The total gross export of Gold Jewellery in October 2024 stood at USD 1124.52 million (Rs. 9449.37 crores), showing a growth of 8.8% compared to USD 1033.61 million (Rs. 8603.33 crores) for the same period last year. With gold prices hitting new highs, the long-term appeal of the yellow metal is gaining more strength, which has been driving the demand globally.
Coloured Gemstones: Provisional gross export of Coloured Gemstones during October 2024 stood at USD 258.31 million (in Rs. 2162.54 crores) witnessing a decline of 13.97% compared to USD 300.25 million (Rs. 2479.1 crores) for the same period last year.
Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry said, “The overall gems and jewellery exports witnessing a rise after a prolong period of sluggishness is a big relief for the industry. However, the geo-political tensions still remain a matter of concern for the Indian Gems and Jewellery industry. Hence, any major developments on the geopolitical front may hamper the trade activities. Hence, we hope that the countries in conflict come to a truce and normalcy prevails. Moreover, with elections already concluded in the key markets like US, the demand is expected to see some spike fuelled by robust buying sentiment which will be supported by holiday season.”
