The depreciation of the rupee will not add to the topline or bottom-line of the gems and jewellery exporters, as over 95% of inputs are imported. In the domestic market, however, prices of precious metals and stones will increase, which may be lucrative for the units.
In April-November, exports of the gems and jewellery sector, which have employment potential of 5 million in times of brisk business, fell 10.1% to $19.2 billion.
Vipul Shah, chairman of Gems and Jewellery Export Promotion Council, said: "We are hoping that 2025 may bring improved prospects for the sector as polished diamond prices have stabilised and showing some signs of recovery. However, the demand is still subdued in the key export markets, with buyers focusing more on jewellery."
The US and European markets for jewellery are holding up and there has been a return of demand in West Asia, he noted.
This story is from the December 28, 2024 edition of Financial Express Mumbai.
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This story is from the December 28, 2024 edition of Financial Express Mumbai.
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