In November, India’s gem and jewelry exports decreased by 4.52% YoY to Rs 19,018.18 crore (USD 2,263.34 million), marking an improvement from the previous yr. The Gem and Jewellery Export Promotion Council attributes the decline to produce disruptions and a voluntary halt in tough diamond imports as a result of geopolitical issues. GJEPC Chairman Vipul Shah anticipates further enchancment, citing heightened festival demand and expects FY24 exports to surpass the previous monetary year. Regional jewelry demand in the Middle East was 15% larger in 2022 at 190t. Sizable positive aspects in the UAE and Saudi Arabia had been key contributors to the regional performance. But momentum slowed in the fourth quarter, largely in response to the high and rising gold value.
- G-7 will ban all imports of rough diamonds instantly from Russia from January 1.
- Higher prices are driving more Indians to reuse their gold, and whereas shoppers are purchasing for weddings, total demand is relatively subdued.
- “This comes off the back of the lack of security and safety, driven by being too reliant on just-in-time supply chains from the global village,” he explains.
- An Australian jeweller has been hit by a rip-off that makes use of an exact replica