Gems, jewellery exports down 15.81% to $2,263 mn in May: GJEPC-OxBig News Network

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The overall gems and jewellery exports declined 15.81% to $2,263.42 million (₹19,260.81 crore) in May compared to the same period of the previous year following tariff announcement by the U.S., GJEPC said on Tuesday.

The industry exports stood at $2,688.38 million (₹22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data.

Exports of cut and polished diamonds declined 35.49% in May to $949.70 million (₹8,089.81 crore) compared to $1,472.08 million (₹12,272.03 crores) for the same period of previous year.

Meanwhile, exports of polished lab-grown diamonds in May declined 32.7% to $80.90 million (₹689.71 crore) from $120.32 million (₹1,003.06 crore) for the previous year.

However, gold jewellery exports went up 17.24% to $997.50 million (₹8,482.61 crore) as compared to $850.81 million (₹7,094.52 crore) for the same period of previous year.

Gross exports of silver jewellery during April-May declined 17.59% to $150.08 million (₹1,281.92 crore) against $182.11 million (₹1,518.69 crore) in the same period of previous year.

Overall exports of coloured gemstones during April-May showed a decline of 1.13% to $62.51 million (₹533.08 crore) against $63.22 million (₹527.36 crore) in the same period last year.

“The overall exports continue to decline and in May the dip was 15.81% mainly due to the tariffs announcement by the US. However, gold jewellery exports have gone up due to the continuing geopolitical tensions in the Middle East, which has increased the demand for the precious metal as a safe haven,” GJEPC Chairman Kirit Bhansali told PTI.