India experienced yet another decrease in the total value of polished diamond exports in May, although the decline was less severe compared to previous months, IDEX Online reports.
According to the latest data from the Gem and Jewellery Export Promotion Council (GJEPC), foreign sales amounted to $1.72 billion, reflecting a 17.5% drop from the previous month.
In April, there was a substantial year-on-year decline of 38.9% in dollar terms, followed by a 33% decrease in March
Imports of rough diamonds saw a significant increase in carat volume during April and May, rising nearly 20% to 19.6 million carats. The value of rough diamond imports fell 4.8% to $2.61 billion, primarily influenced by lower prices. Total exports of all gems and jewelry in May fell “by just over 16%” to $2.75 billion. In April, the decline was pronounced at 36%.
In other India related news, The All India Gem and Jewellery Domestic Council (GJC) has announced that it is organizing the India Jewellery Shopping Festival (IJSF), the first of its kind in the world “to uplift the business scenario across the industry,” according to Rough & Polished. The B2C scheme is scheduled for October 12 to November 17, 2023, while the B2B scheme is scheduled from June 1 to October 31, 2023.
