India’s Gems and Jewellery Export Promotion Council (GJEPC) has released its June 2024 data, revealing a significant downturn in the country’s rough and polished diamond trade, Rough & Polished reports.
Overall gross exports of gems and jewelry dropped 14.8% year-to-year to $1.9 billion. After two months of growth, total gross imports of precious stones also declined in June, falling 16.5% to $1.55 billion. The first quarter of the new financial year, which began on April 1, showed a 7.44% decrease in exports year-on-year, with a slight 2.9% increase in imports.
Polished diamond exports in June fell sharply by 26.35% year-to-year to $1.02 billion. Imports of polished diamonds fell 35.9% to $77.25 million.
For the first quarter of the 2023-2024 financial year, India imported rough diamonds worth $3.39 billion, a 15.4% decrease for the same period last year. Gross exports of lab-grown diamonds (LGD) in June 2024 fell 8.96% to $88.83 million.
