This significant decrease is attributed to weakening consumer demand amid global unrest, particularly in major markets like the US and China.
GJEPC Chairman Vipul Shah explained, "The exports are mainly affected due to a decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy."
The data reveals that the export of cut and polished diamonds (CPD) also faced a substantial drop, declining 21.34% in July to $907.67 million from $1,174.41 million in the same period last year. Gold jewellery exports followed suit, witnessing a 10.53% reduction to $530.38 million compared to $603.12 million in July 2022.
Despite these challenges, the recent India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, managed to generate business worth approximately $12 billion (₹1 lakh crore). The event attracted over 50,000 buyers, including international delegations from 13 countries such as Cambodia, Japan, and the United Kingdom.
Shah highlighted the success of IIJS Premiere 2024, noting that gold jewellery dominated the business transactions due to recent price weakness in the yellow metal. "IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities," he added.
