New Delhi
The recent ceasefire between Israel and Hamas is expected to boost gems and jewellery exports, according to the Gems and Jewellery Export Promotion Council (GJEPC) on Friday. The Council noted that trade would gradually recover as geopolitical tensions ease.
Data from GJEPC revealed that total gems and jewellery exports in December reached $1.97 billion (Rs 16,719.46 crore), a decrease from the same month last year. The decline was attributed to economic uncertainty and global buyers preferring gold as a safe investment amid the conflict.
Imports also fell, with December's gems and jewellery imports totaling $1.53 billion (Rs 12,992.3 crore), marking a 27.23% drop year-over-year.
Colin Shah, Managing Director of Kama Jewelry, highlighted the global impact of the Israel-Hamas conflict on trade. "The ceasefire brings significant relief worldwide. It offers hope for lasting peace and a gradual trade recovery," he remarked.
The report also pointed to changing consumer preferences, with millennials and Gen Z favoring lightweight jewellery in precious metals for everyday wear. This trend is expected to drive domestic demand in 2025.
Imports of cut and polished diamonds saw a sharp decline of 64.1%, falling to $91.26 million from $254.18 million a year earlier.
Meanwhile, gross gold jewellery exports for December 2024 reached $868.03 million. However, with the wedding and holiday season ending, demand for gold jewellery has slowed.