This post was originally published on The Economic Times
It has not been an easy time for the gems and jewellery sector in the backdrop of geopolitical uncertainties, rising interest rates and demand slump in major consumer markets playing spoilsport.
The overall gems and jewellery exports fell 8.14 percent year-on-year in December to Rs 18,281.49 crore ($2,195.23 million), as per data released by the Gem Jewellery Export Promotion Council (GJEPC). The overall exports of cut and polished diamonds dipped by 31.42 percent to Rs 7,182.53 crores ($862.48 million) in December compared to Rs 10,472.93 crore ($1,270.36 million) for the same period of the previous year.
As the seventh largest exporter, which contributes to 3.5% of exports, India’s gems and jewellery market is integral to the growth of the economy. With Budget 2025 round the corner, industry experts seek initiatives that can uplift the sector and position India as a global trading hub for diamonds and coloured gemstones.
Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) says that the industry is currently facing challenges in the
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