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The Gem Jewellery Export Promotion Council (GJEPC) in the monthly data has said the India's overall gems and jewellery exports witnessed a decline of 10.70 per cent in May at Rs 22,693.41 crore ($2,755.90 million). Gem and jewellery exports stood at Rs 25,412.66 crore ($3,285.47 million) during May last year. According to data, the overall exports of cut and polished diamonds (CPD) showed a decline of 12.17 per cent at Rs 14,190.28 crore ($1723.17 million) in May compared to Rs 16,156.04 crore in the corresponding month of 2022.

Similarly, the gross exports of polished Lab Grown Diamonds during April-May witnessed a 20.57 per cent fall at Rs 1,985.83 crore ($236.08 million) over Rs 2,499.95 crore ($325.45 million) in the first two months of preceding financial year.

However, it stated the total exports of gold jewellery increased by 7.29 per cent at Rs 5,705.32 crore ($693.01 million) in May as against Rs 5,317.71 crore ($687.18 million) in the year-ago period. Gross export of silver jewellery during April-May decreased by 68.54 per cent at Rs 1,173.25 crore ($141.10 million) from Rs 3,728.88 crore ($485.42 million) a year ago.