Recently, there were fears of a recession in the US, while the demand in the global market is already severely affected. This situation has had a huge impact on the gemstone and jewellery business in India. The report of the Gems and Jewellery Export Promotion Council (GJEPC), which maintains data related to the gem and jewellery business in the country, has revealed that its exports have declined in July. Due to fears of a recession in the US, many diamond factories in Surat had sent their employees on a 10-day leave this month.
GJEPC has said that due to lack of consumer demand following the global unrest, total gem and jewellery exports witnessed a decline of 23.28 per cent year-on-year in July. During this period, exports declined to $166.54 million. While in July last year, this export was worth $217.07 million.
Demand from the United States and China is declining
GJEPC Chairman Vipul Shah says exports have fallen due to declining demand following geopolitical turmoil in major markets like the US and China. At the moment, China’s economy is in crisis, so demand has declined.
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According to the GJEPC report, the total export of cut and polished diamonds declined by 22.71 per cent to $907.7 million in July. In the same period a year ago, it was worth $117.44 crore. In July, the export of gold jewellery also declined by 12.06 per cent to $530.4 million. In the same period last year, it was worth $60.31 million.
A $12 billion deal was made at a jewelry fair
Meanwhile, GJEPC informed that the six-day India International Jewellery Show (IIJS Premiere-2024) was held recently from August 9 to 13. During this period, business worth about USD 12 billion (around Rs 1 lakh crore) was transacted. IIJS Premiere-2024 attracted over 50,000 international buyers and delegates from over 13 countries including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, UK and Uzbekistan.
Vipul Shah said that IIJS Premier-2024 was a resounding success. It generated over USD 12 billion worth of business for our exhibitors. After the fall in gold prices, the business was mainly dominated by gold jewellery.
