The India jewellery export decline 31% in October has become a major concern for the country’s gems and jewellery sector. New data from the Gems & Jewellery Export Promotion Council (GJEPC) shows that India’s exports dropped sharply due to weak global demand, high gold price volatility, and early stocking by international buyers. This decline affects not only exporters but also workers, manufacturers, and the broader Indian economy, which depends heavily on this industry for foreign exchange earnings.
India Jewellery Export Decline 31% in October: Key Numbers
India’s gems and jewellery exports fell by 30.57% year-on-year in October, almost a full 31% decline.
- October exports: USD 2.16 billion
- Last year October: USD 3.12 billion
- Major segments such as gold jewellery, cut and polished diamonds, and silver jewellery all saw double-digit drops.
Why Did Exports Fall So Sharply?
1. Gold Price Volatility
Sharp movements in gold prices made pricing difficult for exporters. When gold becomes unpredictable, global buyers slow down orders.
2. Early Stocking by Major Markets
Countries like the US built up jewellery stocks earlier than usual. This reduced buying activity in October.
3. Weak Global Demand
Economic slowdown in the US, Europe, and China pushed down luxury spending, affecting orders for Indian jewellery.
4. Diamond & Lab-Grown Diamond Slowdown
Demand for cut and polished diamonds dropped nearly 27%, while lab-grown diamond exports fell over 30%.
Impact on India’s Jewellery Industry
Manufacturers & Exporters
- Revenue pressure due to falling export volumes.
- Higher operational costs with reduced global orders.
- Need for faster adaptation to global demand changes.
Employment
The gems and jewellery sector employs millions, especially in Gujarat and Maharashtra. A 31% drop in orders can reduce working hours and income for artisans.
Indian Economy
As a key export sector, a decline of this scale can affect India’s overall export figures and trade balance.
Can the Sector Recover?
Despite the October slump, industry bodies expect improvements due to:
- Festival and holiday demand in global markets
- Stabilizing gold and diamond prices
- Growth in markets like the Middle East
- Increased preference for lightweight, affordable jewellery
