India’s gem, jewellery exports decline 15 percent to Rs 25,844 crore in October
India’s gem and jewellery exports declined 15 percent in October to Rs 25,844 crore ($3.1 billion), as against Rs 30,275 crore in October 2021.
The Gem and Jewellery Export Promotion Council (GJEPC) attributed the decline in exports in October to seasonal trend as manufacturing activities are either limited or units are closed because of Diwali.
Despite the dip in exports in October, GJEPC is optimistic of achieving its export target for the financial year 2022-23.
Commenting on the exports, Vipul Shah, chairman of GJEPC in a statement said, “We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of units, and absence of workers during Diwali usually results in a decline in exports post Diwali. The upcoming holiday season in the West and the Chinese New Year will give a boost to exports in November and December.”
“Also, trade shows like IIJS Signature 2023, Hong Kong Show 2023, and VicenzaOro Winter 2023 will aid in exports of gems and jewellery to key markets. I am confident that we are on course to achieve our export target of USD 45.7 billion for 2022-23,” he added.
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