Higher prices are driving extra Indians to reuse their gold, and whereas consumers are purchasing for weddings, general demand is relatively subdued. The drop in consumption of plain gold jewellery has impacted the producers of plain gold jewelry from Tamil Nadu, Kolkata and Delhi. Muthu Venkatraman said that the orders for plain gold jewellery have trickled down submit the surge in gold prices. India’s gems and jewellery exports fell by eleven.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, whereas polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,a hundred thirty five.sixteen crore.
Gem and jewelry exports in FY24’s April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to international economic challenges and geopolitical factors. Notably, tough diamonds imports fell by 23.51%, whereas reduce and polished diamond exports declined by 28.27%. Lab-grown diamonds, beforehand on …