Geo-political trend pulls down July exports of 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