Overall, gem and jewelry exports in February 2024 witnessed a year-on-year decline of 12.66%, reaching $3.05 billion.

In February 2024, India's gem and jewelry exports dropped by 12.66% year-on-year to $3.05 billion. On the other hand, imports saw a slight increase of 1.12% to $2.26 billion. However, there was a bright spot – gold jewelry exports surged by 16.43% to $821.55 million. This data underscores the continuous widening of the trade deficit in the gem and jewelry industry.

According to a report by the Gem and Jewelry Export Promotion Council (GJEPC), "The total export of gem and jewelry in February 2024 stood at $3,046.84 million, marking a decline of 12.66% compared to $3,488.51 million in the same period last year.

"On the other hand, the total import of gem and jewelry jewelry in February 2024 was $2.26 billion, marking a growth of 1.12% compared to $2.23 billion in February 2024, which was the same as the previous year."

Furthermore, the total export of gold jewelry in February amounted to $821.55 million, up from $705.61 million in the previous year, representing a growth of 16.43%.

Colin Shah, Ph.D., CEO of Kama Jewelry, commented on the "February 2024 gem and jewelry import-export data": "Over the past year, Indian gem and jewelry exports have been on a continuous downward trend. While its main impact continues to be global political unrest, the ripple effects can also be seen through other triggering factors, including rising export tariffs, increasing precious metal prices, and conversely, low-end demand across the international market due to weakened purchasing power."

While mainstream industries are experiencing a downturn, it is noteworthy that even lab-grown diamonds did not achieve the expected growth, with exports seeing a slight increase of 2.90%.

"It is interesting to note that the total import volume of gem and jewelry has increased, indicating strong domestic market demand. This demand is expected to persist and will not be affected in the long term. We attribute this to the country's economic stability, leading to higher disposable income and purchasing power, as well as the emotional value of precious metals. Overall, with the Federal Reserve's plans for a possible interest rate cut, exports are expected to gradually stabilize and grow in the latter half of 2024."