Indian jewelers examine diamonds, reflecting market uncertainty amid geopolitical tensions.
India’s gems and jewellery exports experienced a sharp decline of 35% in March, according to the Gem and Jewellery Export Promotion Council (GJEPC). The downturn is primarily attributed to the ongoing conflict in West Asia, which has disrupted logistics and increased insurance costs, impacting the sector’s performance.
Despite the setback, the GJEPC remains optimistic about the industry’s potential and is exploring opportunities to establish India as a rough diamond trading hub. This strategic move aims to enhance the sector’s competitiveness and attract more international trade.
While demand weakened in key markets, other regions provided some support, mitigating the overall impact. The GJEPC anticipates a recovery in the coming months as geopolitical tensions ease and market conditions stabilize. The council is closely monitoring the situation and working with industry stakeholders to navigate the challenges and capitalize on emerging opportunities.
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