look news india
New Delhi: According to data released by the Gems and Jewellery Export Promotion Council, India witnessed a multifold increase in the total imports of gems and jewellery in the month of May 2024 to $1,894.4 million (Rs 15,794.26 crores) which is 23.61% higher as compared to $1,532.61 million (Rs 1,2625.59 crores) in the same period last year. This can be attributed to the strong demand witnessed in the domestic market as the country gears up for the upcoming festive season.
Talking about the total export of gems and jewellery in May 2024, it was $ 2,484.48 million (Rs 20,713.370 crores), as against $ 2,646.92 million (Rs 21,795.65 crores) in the same period last year, showing a decline of 6.14%.
This decline is due to the global market grappling with long-standing uncertainties. However, the continued support by the government through its initiatives in the form of FTAs and increased emphasis on 'ease of doing business' will act as an enabler to boost exports over the next few quarters.
Total exports of cut and polished diamonds declined by 14.58% to $1,471.9 million (Rs 12,270.54 crores) as compared to $1,723.17 million (Rs 12,270.54 crores) in May 2024. In terms of total gross imports of cut and polished diamonds in the month of May, it increased by a significant 60.79% to $138.47 million (Rs 1154.4 crores) as compared to $86.11 million (Rs 709.09 crores)
Total imports of rough diamonds in May 2024 stood at $ 2388.91 million (Rs 19916.34 crores), which was 9.62% lower than $ 2643.29 million (Rs 21719.86 crores) in the previous year.
Provisional gross exports of polished lab-grown diamonds during May 2024 stood at $120.14 million (Rs 1001.59 crores), showing a decline of 13.71% as compared to $139.22 million (Rs 1714 crores). Total gross exports of gold jewellery stood at $660.55 million (Rs 5507.71 crores) in May 2024.
