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Gem and Jewellery Export Promotion Council (GJEPC) in its latest data has showed that the overall gem and jewellery exports witnessed a 23.28 per cent year-on-year decline in July 2024 to $1,665.4 million on account of dampening of consumer demand following global unrest. The overall exports in the category in July 2023 stood at $2,170.71 million.

The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy. 

The overall export of cut and polished diamonds (CPD) declined 22.71 per cent in July to $907.67 million from $1,174.41 million in the year-ago period. Gold jewellery exports also witnessed a 12.06 per cent decline in July to $530.38 million from $603.12 million in the same period of last year.