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Gem and jewellery exports drop 11.25% to Rs 19,432.88 crore in December: GJEPC

11 Jan 2023 Evaluate

The Gem and Jewellery Export Promotion Council (GJEPC) has said the overall gem and jewellery exports in December 2022 declined 11.25 per cent to Rs 19,432.88 crore ($2,356.70 million) due to rising prices, affecting the cost of living and talks of a downturn in the US. During December 2021, the overall gems and jewellery exports stood at Rs 21,896.46 crore ($2,905.79 million).

Meanwhile, GJEPC said the total exports during April-December 2022 witnessed a growth of 6.28 per cent to Rs 2,27,534.50 crore compared to Rs 2,14,087.94 crore in the corresponding period of the preceding year. However, in terms of the US dollar, there was a marginal decline of 0.73 per cent during April-December to $28,608.22 million compared to $28,819.88 million a year ago.

GJEPC chairman Vipul Shah said the overall exports of gem and jewellery during April-December 2022 show a positive trend but December export figures reflect the global headwinds faced by the industry in terms of inflation and talk of a downturn in the USA. However, it is to the credit and enterprise of the Indian exporters that they have been able to perform even in this challenging scenario.

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