India experienced a year-on-year dip of 4.52% in gem and jewellery exports in November, totaling Rs 19,018.18 crore (USD 2,263.34 million). The Gem and Jewellery Export Promotion Council (GJEPC) attributes this decrease to supply disruptions and a voluntary suspension of rough diamond imports, prompted by geopolitical concerns. GJEPC Chairman Vipul Shah is optimistic about future improvements, citing increased festival demand. He anticipates that the exports for the fiscal year 2023-24 will surpass those of the previous financial year.

The industry had advocated for a halt in the import of rough diamonds from October 15 to December 15, responding to geopolitical issues and reduced demand. This disruption, combined with a resurgence in festival demand, has contributed to an enhanced export scenario, as highlighted by GJEPC Chairman Vipul Shah.