look news india
Mumbai: In November of the current year, exports of gems and jewelery from the country fell by 13 per cent year-on-year to Rs 16,763.13 crore. According to the data of Gem and Jewelery Export Promotion Council (GJEPC), this figure was Rs 19005.46 crore in November last year. A difference of 40 percent has been seen in the export of diamonds. However, due to high prices, the export figures of gold jewelery have been seen high.
Due to economic uncertainty in the international market, there is instability in demand which has affected business.
The export of cut and polished diamonds from the country also declined by 40 percent to Rs 5622.11 crore, which was seen at Rs 9217.88 crore in November last year.
Council sources said total imports of rough diamonds fell 21 per cent to Rs 58,223.36 crore from Rs 72,684 crore in November last year.
As a result of global economic uncertainty, consumers are being cautious in purchasing diamonds. However, demand for investment in diamonds remains weak, as there are no significant returns on investment.
Christmas demand for diamonds in the international market is usually seen in September-October.
The council data also showed that gold jewelery exports increased by 40.50 per cent to Rs 9,558.44 crore in November last year from Rs 6,712.53 crore. Due to the high price of gold, the export figures are seen to be high. Despite economic uncertainty, gold remains attractive for investment. Investing in gold is considered a safe haven in uncertain times.
An official of the council said that the current geopolitical tension is becoming a matter of concern for the country’s gems and jewelery industry.