Gems, jewellery exports down 11 percent in December

By

Maverick Martins

Published
Jan 11, 2023

India’s gems and jewellery exports declined by 11 percent to Rs 19,433 crore ($2,356.70 million) for the month of December, as against Rs 21,896 crore in December 2021.

However, the total exports during April-December 2022 witnessed a growth of 6 percent to Rs 2,27,534 crore compared to Rs 2,14,088 crore in the corresponding period of the preceding year.

The Gem and Jewellery Export Promotion Council (GJEPC) decline in exports was attributed to the rising prices affecting the cost of living and talks of a recession in the US.

Commenting on the exports, Vipul Shah, chairman of GJEPC in a statement said, “The overall exports of gem and jewellery during April-December 2022 show a positive trend but December export figures reflect the global headwinds faced by the industry in terms of inflation and talk of a downturn in the USA. However, it is to the credit and enterprise of the Indian exporters that they have been able to perform even in this challenging scenario.”

“The commissioning of India-UAE CEPA has resulted in exponential growth in exports of plain gold jewellery to make up for the gap in exports to key markets, such as the US and Hong Kong,” he added.