Gem and jewellery exports from India grew 7.9% to ₹1,88,183.89 crore in the April to October period, despite a decline of 14.64% to ₹25,843.84 crore in the month of October, according to the Gem & Jewellery Exports Promotion Council (GJEPC).
“We had witnessed the usual pre-Diwali buzz as factories rushed to complete export orders in time for Thanksgiving and Christmas,” said chairman Vipul Shah.
“The temporary closure of G&J units, and absence of workers during Deepavaliusually results in a decline in exports post Deepavali. The upcoming holiday season in the West and the Chinese New Year will give a boost to the exports in November and December,” he said.
“Also, trade shows like IIJS Signature 2023, Hong Kong Show 2023, and VicenzaOro Winter 2023 will aid in exports of gems and jewellery to key markets. I am confident that we are on course to achieve our export target of $45.7 billion for the year 2022-23,” he added.
“The positive impact of the India-UAE CEPA was offset by gold supply hurdles which impacted exporters. The council has sensitised the government regarding this issue and they are working on resolving the same,” Mr. Shah further said.
