Slowdown of demand in major developed markets and negative growth in export of silver jewellery, coloured gemstones, rough diamonds, gold medallions and coins have all led to the decline of gems and jewellery exports in 2019-19. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), exports stood at USD 32.7 billion in 2017-18 as opposed to 2018-19 exports of USD 30.96. This accounts for a 5.32 per cent decline.

As per the data, silver jewellery exports in 2018-19 dipped 75 percent to USD 837.81 million. Exports of cut and polished diamonds marginally grew to USD 23.83 billion during the same period. Similarly, outbound shipments of gold medallions and coins contracted 55.5 per cent in the last fiscal.

Gold jewellery shipments increased by 24.4 per cent to USD 12 billion during the period from USD 9.67 billion in 2017-18. Imports of rough diamonds contracted 16.75 per cent, while that of gold bar rose by 38.26 per cent to USD 7.87 billion.