External Affairs Minister S. Jaishankar has assured the gem and jewellery exporters to provide support to increase exports from the country at a time when the American market is shrinking, the global demand is fluctuating and the competition is intensifying. The minister met the members of the Gem &Jewellery Export Promotion Council (GJEPC)at the Bharat Diamond Bourse on Sunday.
A media release issued by GJEPC on Monday said “Dr. Jaishankar emphasised the importance of industry-government collaboration, encouraging businesses to directly engage with international counterparts. He acknowledged the diamond industry‘s technological advancements and reaffirmed the government’s commitment to driving export-oriented growth. He also highlighted G7 sanctions on diamonds and their implications for the diamond and jewellery industry. He stated that the Indian government is seized with the fact of falling exports from India and is discussing having a strategic policy of shifting the narrative in favour of India in some very difficult times for the world economy.”
Vipul Shah, chairman of GJEPC said “In these testing times, we look toward the Ministry of External Affairs for strategic support and urge the ministry’s office and missions abroad to champion Indian gems and jewellery, ensuring that our exquisite craft finds a place in every corner of the globe. With the support of the external affairs ministry, we can strengthen India’s global footprint, enhance our market access, and uplift the industry at this crucial juncture.”
The exports of gems & jewellery stood at US$ 2540.56 million (Rs. 21292.790 crores) in September 2024 showing a decline of 15.9% (15.09% decline in rupee term) as compared to US$ 3020.74 million (Rs. 25075.77 crores) for the same period the previous year
For the period April – September of FY25, exports of gems & jewellery stood at US$ 13401.71 million (Rs 112020.57 crores) showing a decline of 12.49% (11.28% decline in rupee term) as compared to US$ 15314.21 million (Rs. 126267.2 crores) for the same period previous fiscal.
