GJ Town India

Indian Gems & Jewellery exports-Imports witnessed a contraction   According to data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery (GJ) Industry in India, the overall gross exports of Gems & Jewellery in July 2024, stood at USD 1665.4 million (Rs. 13922.03 crores) showing a decline of 23.28% compared to USD 2170.71 million (Rs. 17831.68 crores) for the same period last year.   The trend line for Indian gems & jewellery has been on a continuous downwards trajectory and this is majorly owing to the global unrest-induced dampening of consumer demand. With the looming uncertainty of unprecedented geo-political developments and its impact on global economy, consumer markets across the globe are taking cautious buying decisions.   In terms of the overall imports of Gems & Jewellery for July 2024, the sector has witnessed a decline of 16.59%, which stood at USD 1404.62 million (Rs. 11738.92 crores), a

Cut & Polished diamonds plunge 16.76% in April   According to the provisional statistics of GJEPC pertaining to export/import of Gem & Jewellery (GJ) for the period April 2024 - April 2024 as compared to same period last year.     The overall gross exports of Gems & Jewellery at US$ 2074.85 million (Rs. 17307.280 crores) in the month of April 2024 is showing a decline of 11.37% (-9.85% in Rs. term) as compared to US$ 2341.06 million (Rs. 19198.4 crores) for the same period previous year. The overall gross imports of Gems & Jewellery at US$ 1891.49 million (Rs. 15772.69 crores) in month of April 2024 is showing a growth of 3.95% (5.72% in Rs. term) as compared to US$ 1819.54 million (Rs. 14919.69 crores) for the same period previous year.    The overall gross export of Cut & Polished diamonds at US$ 1154.8 million (Rs. 9632.7 crores) in month of April2024 is showing a decline of 16.76%(-15.340% in Rs. Term) as compared to US$ 1387.38 million (Rs. 11378.15 crores)

Advocates the Government to Propel Gem & Jewellery Exports     The Gem & Jewellery Export Promotion Council (GJEPC), representing India’s global gem & jewellery trade, has proposed several recommendations to the Government ahead of the upcoming budget. India’s gem and jewellery industry heavily relies on imports for its raw materials, including gold, diamonds, silver, and colored gemstones.   These materials are brought into the country and undergo either cutting and polishing or are transformed into finished jewellery before being exported worldwide. This thriving industry sustains approximately 4.3 million jobs, contributes about 10% to the country’s merchandise exports, and significantly impacts the overall economic growth.    India has established itself as the leading choice for sourcing gems and jewellery on a global scale. However, to uphold this position of prominence, the industry must remain competitive in the international market. It requires strategic pol