Gems trade slump: Exports fall 31% in October; bullion volatility, early US stocking hit demand
Exports in October 2024 had stood at $3.12 billion (Rs 26,237.1 crore).GJEPC chairman Kirit Bhansali said the decline was largely expected, as overseas buyers had advanced their festive-season stocking before the US tariff came into effect.“Most of the stocking up for the festivals took place before August 27.
Therefore, in October the demand was down.
The decline in gold and silver exports is triggered by volatile bullion prices,” Bhansali told PTI.He added that exports should revive in November with Chinese market recovery and Christmas demand from major global buyers.Exports of cut and polished diamonds fell 26.97% to $1.02 billion (Rs 9,071.41 crore), down from $1.40 billion (Rs 11,806.45 crore) a year earlier.Shipments of polished lab-grown diamonds also saw a steep slide of 34.90% to $94.37 million (Rs 834.45 crore), compared with $144.96 million (Rs 1,218.25 crore) last October.Gold jewellery exports dropped 28.4% to $850.15 million (Rs 7,520.34 crore) from $1.18 billion (Rs 9,975.17 crore) a year earlier.Exports of coloured gemstones during April–October slipped 3.21% to $250.14 million (Rs 2,173.08 crore).Silver jewellery shipments dipped 16% in October to $121.37 million (Rs 1,072.81 crore), down from $145.05 million (Rs 1,219.01 crore) in 2024.
