The gem and jewellery exports declined 14.64 per cent in October at Rs 25,843.84 crore due to seasonal trend as manufacturing activities are limited or closed during Diwali, GJEPC said on Saturday. In October 2021, the exports stood at Rs 30,274.64 crore, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.
India’s robust gem and jewellery export performance in the first 6 months of 2022-23 helped maintain growth for the period April-October, despite a sharp dip in exports last month, GJEPC noted.
The decline in exports in October or November is a seasonal trend as manufacturing activities are either limited or units are closed because of Diwali, it stated.
“We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of units, and absence of workers during Diwali usually results in a decline in exports post Diwali,” GJEPC Chairman Vipul Shah said.
The upcoming holiday season in the West and the Chinese New Year will give a boost to exports in November and December, he said.
“Also, trade shows like IIJS Signature 2023, Hong Kong Show 2023, and VicenzaOro Winter 2023 will aid in exports of gems and jewellery to key markets. I am confident that we are on course to achieve our export target of USD 45.7 billion for 2022-23,” he stated.
The positive impact of the India-UAE CEPA was offset by gold supply hurdles, which impacted exporters, Shah said adding that GJEPC has sensitised the government regarding this issue and they are working on resolving the same.