Gem Exports: According to information provided by the Gem and Jewellery Export Promotion Council (GJEPC), India's gem and jewelry exports rose 9.18 percent to US $ 2,998.04 million (Rs 25,194.41 crore) in October. The council said that exports saw a boom last month due to improved demand for cut and polished diamonds. CPD (cut and polished diamond) exports rose 11.32 percent to US $ 1,403.59 million (Rs 11,795.83 crore) in October this year, while in October a year ago this export was US $ 1,260.91 million (Rs 10,495.06 crore). GJEPC said in a statement that total exports were US $ 2,746.09 million (Rs 22,857.16 crore) in the same period last year.

Exports increased by 11.32%

GJEPC Chairman Vipul Shah said, “This is a welcome relief for our industry, as we have experienced an export growth of 9.18 percent in October. Cut and polished diamond exports have grown by 11.32 percent as compared to October 2023. We are optimistic that this trend will continue, especially with the holiday season in the West, which will further increase the demand for gems and jewelry. In addition, the Council is making concerted efforts to expand into new markets while strengthening demand in existing markets.”

Donald Trump's victory raises hopes.

He expects a surge in global demand for gems and jewelry after Donald Trump becomes US President. He said, "With Donald Trump winning the US presidential election, we are optimistic about his promise to stabilize the geopolitical landscape and strengthen the US economy. Trump's decisions will support a revival in trade, business, and supply chains and ultimately boost global demand for gems and jewelry."

The Trump effect

According to GJEPC data, gold jewelry exports also rose 8.8 percent to USD 1,124.52 million (Rs 9,449.37 crore) in October 2024 as against USD 1,033.61 million (Rs 8,603.33 crore) in the same month a year ago. According to the Indian Bullion Jewelers Association (IBJA), the price of 24 carat 10 grams of gold was Rs 78,866 on November 6, the day Donald Trump won the presidential election, which had fallen to Rs 73,739 per 10 grams by November 14.