India's gems and jewelry exports fall 35% to $1.78 billion
India's gems and jewelry exports dropped 35% in March, landing at $1.78 billion.
The main reasons? Global demand took a dip, partly because of a conflict involving Iran and messy trade routes.
Even polished diamond exports slid 27% as prices fell, according to the industry council.
Gems and jewelry imports jump 17%
Gold jewelry exports tumbled by nearly half (down 48%) thanks to high prices and economic worries.
Lab-grown diamond exports also shrank 28%, while silver and platinum jewelry took an even bigger hit, showing robust growth.
Interestingly, despite all this, imports of gems and jewelry jumped 17% as companies stocked up on raw materials, hoping for better days ahead.
As Kama Jewellery's Colin Shah, MD, put it, this is the industry preparing for market revival despite current pressures.