For the month of October, India’s gems and jewellery exports grew by 9.18 per cent to USD 2,998.04 million (Rs 25,194.41 crore) due to revival in demand for cut and polished diamond, the Gem and Jewellery Export Promotion Council (GJEPC) said.
Gems and Jewellery Export Promotion Council'
For the month of October, India’s gems and jewellery exports grew by 9.18 per cent to USD 2,998.04 million (Rs 25,194.41 crore) due to revival in demand for cut and polished diamond, the Gem and Jewellery Export Promotion Council (GJEPC) said. The overall exports stood at USD 2,746.09 million (Rs 22,857.16 crore) during the corresponding period of previous year, GJEPC said in a statement.
According to the council, the CPD (cut and polished diamond) exports went up by 11.32 per cent during October this year to USD 1,403.59 million (Rs 11,795.83 crore) from USD 1,260.91 million (Rs 10,495.06 crore) recorded in the same month a year ago.
With Donald Trump winning the US presidential elections, we are optimistic about his promise to stabilise the geopolitical landscape and strengthen the US economy, which will support a revival in trade, business, and supply chains, ultimately boosting global demand for gems and jewellery,” said council’s chairman Vipul Shah.
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Its data further highlighted that the exports of gold jewellery also increased by 8.8 per cent to USD 1,124.52 million (Rs 9,449.37 crore) in October 2024 compared to USD 1,033.61 million (Rs 8,603.33 crore) during the year-ago month. Exports of polished lab-grown diamonds grew by 1.27 per cent to USD 138.12 million (Rs 1,160.70 crore) in the previous month compared to USD 136.38 million (Rs 1,135.16 crore) recorded in October last year.
As per the data released by the Commerce Ministry, India’s merchandise exports in October rose by an impressive 17.25 per cent, the highest in over two years, to USD 39.2 billion.The trade deficit was widened to USD 27.14 billion. Imports increased by 3.9 per cent to USD 66.34 billion in October compared to USD 63.86 billion in the year-ago period.
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