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Lab-grown Diamond Exports: The Lab-grown Diamonds (LGDs) exports are set to rebound in FY25, with an expected growth of 7-9% to reach around US$1500-1530 million, as per CareEdge Advisory. Despite recent declines due to falling prices, LGD demand is poised to increase due to factors like cost-effectiveness and environmental sustainability, with India emerging as a key player in the global LGD market.
Gem And Jewellery Export Promotion Council: Gem and jewellery exports in FY24's April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to global economic challenges and geopolitical factors. The import of gems and jewellery also saw a 22.43% YoY decrease. Notably, rough diamonds imports fell by 23.51%, while cut and polished diamond exports declined by 28.27%. Lab-grown diamonds, previously on the rise, experienced a 22.97% dip in gross exports. Despite the current setback, industry experts, including Colin Shah of Kama Jewelry, anticipate a gradual recovery from the 3rd quarter of FY25.
Gems & Jewellery: Officials said that there will be no double checks on India’s export of cut and polished diamonds as the country uses diamonds coming via Antwerp and other geographies, and not directly from Russia. G-7 will ban all imports of rough diamonds directly from Russia from January 1.
The Indian government has announced an increase in its Goods and Services Tax (GST) on cut and polished diamonds in an effort to cushion the impact of accumulating tax credits in the diamond industry.
A billion-dollar bilateral trade agreement has been reached between India and Australia which is expected to boost the trade of gems and jewellery between the two countries.
India’s gold jewellery industry – which was hit hard by the impacts of the COVID-19 pandemic – experienced a surge in exports and domestic sales in 2021 with positive indicators pointing towards rebound and recovery.
With the ongoing economic sanctions imposed on Russia, mining company Alrosa has suspended its membership from the Natural Diamond Council (NDC) and vice-chairmanship of the Responsible Jewellery Council (RJC).
Due to the surge of COVID-19 cases in India, the India International Jewellery Show (IIJS) Signature 2022 has been postponed indefinitely, according to the Gem & Jewellery Export Promotion Council (GJEPC).
Due to the surge of COVID-19 cases in India, the India International Jewellery Show (IIJS) Signature 2022 has been postponed indefinitely, according to the Gem & Jewellery Export Promotion Council (GJEPC).