Jewelry exporter from india2/27/2024 ![]() ![]() Now, consumers are more practical and realistic in their buying decisions. They are also 50-60% cheaper than mined diamonds. LGD market is growing exponential as they are greener and environmentally sustainable. The growing market dominance of lab-grown diamonds can be attributed to technological breakthroughs and a sound shopping approach which has been taken by buyers amid Covid-19. In 2021, India’s LGD market accounted for Rs 2,200 crore, and its contribution to the global lab-grown diamond production stands at 15%. The jewellery industry has over 3,00,000 gems and jewellery players. The market offers jobs to around 4 million people on a yearly basis. ![]() It has a vast market and employment base. The industry is contributing 29 per cent of the global consumption of jewellery. It recorded stellar growth of nearly 113 per cent and is projected to grow in numbers in the coming quarters.įrom a macro perspective, the Indian gems and jewellery industry is counted to be one of the biggest industries and holds a significant majority of consumer markets in the world. The recent industry update by Gem & Jewellery Export Promotion Council reported that India’s polished lab-grown diamond exports amounted to $1.05 billion from April 2021 to January 2022. Livemint tops charts as the fastest growing news website in the world □ Click here to know more.India has the potential to become a global hub of lab-grown diamond production and processing. “The stronger growth predicted for 2024 is likely to be driven by increased trade in goods closely linked to the business cycle, such as machinery and consumer durables, which tend to recover when economic growth stabilizes," Ossa added.ĭuring October, services exports stood at $28.70 billion, while imports were $14.32 billion, compared with $29.37 billion worth of exports and $14.91 billion of imports during the previous month. However, sales of passenger vehicles have surged in 2023, World Trade Organization’s chief economist Ralph Ossa said in an official blog recently. The trade slowdown in the first half of 2023 appears to have involved a large number of economies and a wide array of goods-specifically, certain categories of manufactured goods such as iron and steel, office and telecom equipment, textiles and clothing. ![]() The global economy has been grappling with rising inflation and high-interest rates, particularly in Europe and the US, India’s biggest export markets. The trade deficit stood at $26.31 billion during October 2022, with imports at $57.91 billion and exports at $31.60 billion. Indian exports have been impacted by a global demand slowdown resulting in muted export growth and a high trade deficit in recent months.ĭuring October 2023, India’s trade deficit stood at a record high of $31.46 billion, with imports at $65.03 billion and exports at $33.57 billion, due to a sharp rise in gold imports during the festive season and a higher oil bill. They are expected to pick up from December," she added. “Gems and jewellery exports are typically cyclical. While there is a general concern around exports due to the slowing of the global economy, India is doing better than other economies, said Arpita Mukherjee, trade expert and professor at the Indian Council for Research on International Economic Relations (Icrier). Meanwhile, gems and jewellery exports fell by about 21% annually during April-October 2023 to $18.60 billion.ĭuring this period, the export value of petroleum products stood at $45.56 billion, down 17.84% annually.Įngineering goods exports also fell by about 2% annually to $61.57 billion during April-October 2023. India’s electronic goods exports were driven by higher smartphone sales globally.Īccording to data from the India Cellular and Electronics Association (ICEA), the apex industry body of the mobile and electronics industry, smartphone exports almost doubled to $5.5 billion during April-August 2023. It exports refined petroleum products, and gems and jewellery, making value additions in the process. India imports diamonds and crude oil since it doesn’t produce these commodities in any significant quantity. In comparison, other prominent export segments, such as gems and jewellery, petroleum products, engineering goods, and agriculture, saw either a sharp decline or flat growth.
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