Diamond-gem exports reduced in May, demand for gold jewelery remained high

India occupies a prominent place in the matter of gold and silver and other precious metals and diamonds and gems etc. India is not only among the biggest consumers of all these, but there is a lot of demand for jewelry etc. made in India all over the world. However, there has been some disappointment on this front in the month of May and there has been a decrease in exports (Gems and Jewelery Export).

GJEPC released figures

Gems and Jewelery Export Promotion Council ie GJEPC, an organization related to the precious metals industry, has recently released the monthly export data. In a report by the news agency PTI, quoting GJEPC data, it has been told that during the month of May, India’s export of diamonds and gems declined by 10.7 percent. In this way, their exports have come down to $ 2,755.90 million i.e. around Rs 22,695 crore in May. Earlier in May 2022, this export was worth $ 3,285.47 million i.e. about Rs 25,412.66 crore.

Export of diamonds decreased

According to GJEPC data, there has been a big decline in the total exports of cut diamonds during the month of May. This export has decreased by 12.17 percent in the month of May and has remained $ 1,723.17 million i.e. Rs 14,190.28 crore. Exactly a year before this, in May 2022, the export of cut diamonds was Rs 16,156.04 crore.

A bigger decline than this was seen in the case of lab-made diamonds. Their exports decreased by 20.57 percent to $ 236.08 million (about Rs 1,985.83 crore) during April-May. A year ago i.e. in April-May 2022, their exports were $ 325.45 million (about Rs 2,499.95 crore).

Heavy fall in the case of silver

The biggest decline has been seen in the export of silver jewellery. During April-May, the export of silver jewelery has come down by 68.54 percent to $ 141.10 million i.e. about Rs 1,173.25 crore. A year ago, their exports were $ 485.42 million i.e. Rs 3,728.88 crore.

Only gold jewelery boom

However, exports of gold jewelery picked up during this period. Their total exports increased by 7.29 per cent to reach $693.01 million i.e. Rs 5,705.32 crore in May. It was $ 687.1 million i.e. Rs 5,317.71 crore a year ago i.e. in May 2022.

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