look news india
Ahmedabad: According to data released by the Gems and Jewellery Export Promotion Council, total exports of gems and jewellery in June 2024 stood at US $ 1909.57 million (Rs 15939.770 crores) as against US $ 2240.77 million (Rs 18413.88 crores), showing a decline of 14.78%.
This decline is due to the long-standing geopolitical tensions, which have created economic uncertainty in the global markets. In June 2024, total imports of gems and jewellery declined by 16.51% to US $ 1548.93 million (Rs 12926.77 crores) as against US $ 1855.27 million (Rs 15247 crores). This situation may have arisen due to reduced demand in the domestic market.
Total exports of cut and polished diamonds witnessed a decline of 26.35% to $1017.87 million (Rs 8496.87 crores) as compared to $1382.13 million (Rs 6734 crores) in June 2024. In terms of total imports of cut and polished diamonds, it declined by 35.9% to $77.25 million (Rs 644.8 crores) as compared to $120.51 million (Rs 990.41 crores) in the same period last year
Total imports of rough diamonds in June 2024 stood at $3,392.46 million (Rs 28,291.59 crores), showing a decline of 15.39% as compared to the same period last year at $4,009.69.90 million (Rs 499.90 crores).
Polished Lab Grown Diamonds: Total exports of polished lab grown diamonds stood at $88.83 million (Rs 741.48 crores) during June 2024 as against $97.57 million (Rs 801.82 crores) last year, a decline of 8.96%. The main reason behind this can be attributed to the fluctuation in the prices of lab grown diamonds in the global markets, which has led to a decrease in demand.
Total gross exports of gold jewellery stood at $608.01 million (Rs 5074.27 crores) in June 2024 as compared to $571.63 million (Rs 4699.56 crores) during the same period last year, showing a growth of 6.36%.