According to the latest data from the Gems and Jewellery Export Promotion Council (GJEPC), foreign sales totaled $773 million for the month—a 10.4% decline in dollar terms compared to December 2023. However, this was a marked improvement from November, when exports had plunged 40% year-on-year to $660 million.
The fluctuations in recent months highlight the ongoing challenges facing the industry. October had offered a brief respite, with a 11.3% year-on-year increase in exports, bringing sales to just over $1.4 billion. Prior to that, every month in 2024 had recorded significant annual declines, including a 22.9% drop in September to $1.29 billion.
India’s diamond manufacturing sector has been severely impacted by weak global demand and falling prices, leading to an estimated 30,000 job losses in Surat over the past six months.
The decline in polished diamond exports for December was in line with broader trends in the gem and jewellery sector, which saw overall exports fall by 10.3% to just under $2 billion.
