The overall gems and jewellery exports fell 8.14 per cent year-on-year in December to Rs 18,281.49 crore (USD 2,195.23 million), according to data released by the Gem Jewellery Export Promotion Council (GJEPC). The total exports stood at Rs 19,901.55 crore (USD 2,413.46 million) in the corresponding month of 2022, GJEPC said in a statement.

“Sluggish demand across key export markets, geo-political scenario, and India and the USA, among 60 countries, going for elections this year, impacted the exports,” GJEPC chairman Vipul Shah told PTI.

Meanwhile, the overall exports of cut and diamonds dipped by 31.42 per cent to Rs 7,182.53 crores (USD 862.48 million) in December compared to Rs 10,472.93 crore (USD 1,270.36 million) for the same period of the previous year.

However, the gold jewellery exports in December grew by 47.32 per cent to Rs 7,508.05 crore (USD 901.52 million) compared to Rs 5,096.25 crore (USD 618.27 million) for the same period of the previous year.