India’s polished diamond exports fell by over 13 per cent last month (in dollars) as consumer demand was hit by the war in Ukraine and US inflation.
Total foreign sales for July were $1.93bn, according to figures released by the Gem and Jewellery Export Promotion Council (GJEPC), down year-on-year from $2.23bn. The drop was just over 7.5 per cent in rupee.
Exports for the three months from April to July were down by just over 2.75 per cent to $8.2bn, which indicates the slowdown is becoming more significant.
Rough imports during the same period actually increased by just over 4.5 per cent to $6.5bn.
Overall exports of all gems and jewelry fell in July by just over 7.25 per cent to $3.1bn. Imports grew by 22 per cent to $2.7bn.
Meanwhile, lab growns bucked the trend, with foreign sales up almost 70 per cent to $622m.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
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