Gem and jewellery exports in FY24’s April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to world financial challenges and geopolitical elements. Notably, rough diamonds imports fell by 23.51%, whereas minimize and polished diamond exports declined by 28.27%. Lab-grown diamonds, previously on the rise, experienced a 22.97% dip in gross exports. Despite the present setback, trade consultants, including Colin Shah of Kama Jewelry, anticipate a gradual recovery from the 3rd quarter of FY25. With pandemic-related restrictions confined to the past, 2023 has – so far – been a 12 months of optimistic expectation.
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