Gems and Jewellery exports declined by 9 per cent in April to $2.45 billion (Rs 20,952 crore) due to the ripple effect of ongoing geopolitical tensions in West Asia, which has led to the trade taking a cautious approach in the near term. Imports declined by 10 per cent to $2.03 billion last month.
Export of cut and polished diamonds was down 20 per cent at $891 million against $1.11 billion due to sluggish demand as retailers pruned inventory in major export markets. Cut and polished diamond imports more than tripled to $222 million ($62 million) as the trade replenished stocks on the expectation of recovery in the global demand and increased their procurement activities from the SEZs.
Rough diamonds imports dipped 29 per cent to $848 million ($1.21 billion) due to cautious purchasing and lower manufacturing activity.
Polished lab grown diamonds export also decreased 16 per cent to $93 million ($110 million) due to lower global demand for retail products, pricing adjustment and increased competition in the international markets.
High gold price impact
