current finance In the first nine months of the year, gold jewelery exports have increased by 12 per cent while diamond exports have declined by 10 per cent. Gems and Jewelery Export Promotion Council (GJEPC) gave this information on Saturday. GJEPC has expressed hope of improvement in diamond exports especially to America in the coming time. America accounts for almost half of total diamond exports. Exports of cut and polished diamonds declined by 18.8 percent to $ 8980.2 million during April to November in the financial year 2024-25 compared to the same period a year ago. Officials said sluggish demand from China remains a matter of concern for diamond exports.
Demand expected to increase during ‘Thanksgiving Festival’
However, he said that there has been some relief as the demand increased by five percent during the ‘Thanksgiving Festival’ in America. We believe the worst is over,” GJEPC Chairman Vipul Shah said at the silver jubilee celebrations of the Kolkata-based eastern regional office. There has been a decline of 10 percent in the first nine months of this financial year. With the arrival of the new government in America under the leadership of Donald Trump, we are optimistic about the improvement in demand and are expecting a growth of 10-15 percent in the financial year 2025-26. GJEPC state officer Pankaj Parekh said rising gold prices have benefited gold jewelery exports.
Demand for relief for platinum
Shah said the industry in its pre-Budget proposals has sought adjustment of duty drawback for platinum, an emerging precious metal with significant potential. GJEPC said it has invested Rs 150 crore on global generic promotion of diamonds and is also promoting lab-grown diamonds to meet the needs of price-conscious consumers. Shah also announced plans to establish Singur in West Bengal as a global export hub for fashion and costume jewellery, leveraging its skilled workforce and artisanal heritage.
20 percent women in the workforce
This presents a strategic opportunity for Singur manufacturers to meet the growing demand and expand their global presence, he said. There are approximately one lakh skilled Bengali ‘artisans’ working in local manufacturing units in Singur. 20 percent of this workforce is women. Developing Singur as an export hub will give a boost to local cottage industries.” Located in Hooghly district, Singur is in a strategic position to gain strategic advantage due to its proximity to five railway stations, National Highway-2 and Kolkata Airport.
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