India's Gem Exports Surge Despite US Tariffs
India's gem and jewellery exports have shown resilience in the face of challenging market conditions. In August, the sector saw a growth of 3.14% in USD terms, reaching $2.30 billion. This increase is attributed to demand from key markets like the US, Hong Kong, Singapore, the UK, and France.
Studded gold jewellery led the growth with shipments jumping by 51.22% to $642.85 million. However, plain gold jewellery exports fell by 23.90%, due to rising gold prices and limited access to duty-free gold for exporters. The price of gold climbed 8.27% in August to $4,410.89 per ounce.
Cut and polished diamond exports also dipped by 4.93% in value terms to $924.51 million, but the volume shipped increased by 3.23%. This suggests weaker prices per carat rather than a decline in demand.