Gems and jewelery exports may decline by 10 to 15 percent: GJEPC
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According to the Gems and Jewelery Export Promotion Council (GJEPC), gems and jewelery exports grew by 2.48 per cent on an annual basis to Rs 3,00,462.52 crore (over $36 billion) in the financial year 2022-23.
New Delhi. GJEPC Chairman Vipul Shah said that gems and jewelery exports are likely to decline by 10 to 15 per cent in the current financial year due to fall in demand in key markets like the US and China. According to the Gems and Jewelery Export Promotion Council (GJEPC), gems and jewelery exports grew by 2.48 per cent on an annual basis to Rs 3,00,462.52 crore (over $36 billion) in the financial year 2022-23. The GJEPC chairman told reporters here on Monday evening on the sidelines of a program that the commerce ministry has set a target of $42 billion for gems and jewelery exports in 2023-24.
Shah said, “The main markets for gems and jewelery are America and China and its demand is slowing down there. Consumer confidence is also decreasing amidst concerns like rising interest rate, inflation. ”””’ He said on GJEPC’s estimate for the current financial year ending in March, ” Our estimate is that overall we will get gems and jewelry. There may be a decline of 10 to 15 percent in exports.
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