Gems & Jewelery Export in FY 2024: There is a lot of craze for gold and silver and other metals and diamonds and gems in India. Not only in the country, a large number of people buy diamonds and gems every year, but there is a lot of demand for it all over the world. But in the matter of export of diamonds and gems in FY 2024, there may be some disappointment. According to the data of the Gems and Jewelery Export Promotion Council (GJEPC), the country’s jewelery and precious metal exports are going to be less by 10 to 15 percent this year. On the other hand, if we talk about the financial year 2023, last year a growth of 2.48 percent was registered in the export of diamonds and gems and it reached 3,00,462.52 crores.
GJEPC has made Manushi Chhillar, who was elected Miss World in 2017, as its brand ambassador. Now she will play an important role in promoting Indian gems and jewelery across the world.
The chairman of GJEPC said this
Giving information about the figures of exports of jewelery and gems in the financial year 2024, GJEPC President Vipul Shah said that this year its exports can register a decline of 10 to 15 percent and it is likely to be $ 42 billion. . It is worth noting that China and America are the biggest buyers of India’s diamonds and gems. Due to economic slowdown, increase in interest rates, etc., the demand for diamonds and gems has reduced in the market this year. In such a situation, GJEPC expects that this year there may be a huge decrease of 10 to 15 percent in total exports. Shah said that GJEPC is taking several concrete steps to promote exports. For this, roadshows are also being done in different countries. We want to expand in countries like Vietnam, Cambodia, Indonesia.
Diamonds are exported on a large scale
It is worth noting that diamonds account for 55 percent of the diamond-jewellery exports from India every year. India is one of the major diamond exporting countries. This year, the commerce ministry had set a target of $42 billion for GJEPC to export diamond jewellery, but this year the figure is expected to be much lower than the target set.
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