The Gem & Jewellery Export Promotion Council (GJEPC) expressed confidence in a recovery for diamond exports, particularly in the US, which accounts for nearly half of total exports. Despite a 10% decline in diamond exports for the first nine months of FY25, GJEPC officials are optimistic about a rebound, especially after a 5% surge in US demand during the Thanksgiving season. The Council projects a 10-15% growth in diamond exports for FY26.
Meanwhile, gold jewellery exports have seen a 12% increase, driven by rising gold prices. In its pre-budget proposals, GJEPC has called for duty alignment for platinum and further support for lab-grown diamonds.
GJEPC Chairman Vipul Shah also announced plans to develop Singur, West Bengal, into a global export hub for fashion and costume jewellery. Leveraging the area's skilled workforce and artisanal heritage, Singur aims to meet rising global demand while boosting local employment and the cottage industry.
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