Gems, jewellery exports rise 9.18% in Oct on high diamond demand: GJEPC

India's gems and jewellery exports grew by 9.18 per cent to USD 2,998.04 million (Rs 25,194.41 crore) in October due to revival in demand for cut and polished diamond, the Gem and Jewellery Export Promotion Council (GJEPC) said on Friday.

The overall exports stood at USD 2,746.09 million (Rs 22,857.16 crore) during the corresponding period of previous year, GJEPC said in a statement.

CPD (cut and polished diamond) exports went up by 11.32 per cent during October this year to USD 1,403.59 million (Rs 11,795.83 crore) from USD 1,260.91 million (Rs 10,495.06 crore) recorded in the same month a year ago.

 

"This is a welcome relief for our industry, as we've experienced export growth of 9.18 per cent in October. Notably, the export of cut and polished diamond grew 11.32 per cent compared to October 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery.

Furthermore, the Council is making concerted efforts to expand into new markets while strengthening demand in existing ones, GJEPC chairman Vipul Shah said.

With Donald Trump winning the US presidential elections, "we are optimistic about his promise to stabilise the geopolitical landscape and strengthen the US economy, which will support a revival in trade, business, and supply chains, ultimately boosting global demand for gems and jewellery", he added.

According to the GJEPC data, exports of gold jewellery also increased by 8.8 per cent to USD 1,124.52 million (Rs 9,449.37 crore) in October 2024 compared to USD 1,033.61 million (Rs 8,603.33 crore) during the year-ago month.

Exports of polished lab-grown diamonds grew by 1.27 per cent to USD 138.12 million (Rs 1,160.70 crore) in the previous month compared to USD 136.38 million (Rs 1,135.16 crore) recorded in October last year.