Continuing downtrend, gem and jewellery exports dipped 23 per cent last month to $2.42 billion against $3.17 billion logged in the same period last year due to global economic uncertainty triggered by the tariff threats by the US President Donald Trump.
In rupee term, it fell 20 per cent to ₹21,085 crore against ₹26,269 crore, according to the Gems and Jewellery Export Promotion Council data.
Cut and polished diamond exports declined by 20 per cent in February to $1.36 billion ($1.71 billion) due to the economic uncertainty leading to subdued consumer demand in the US and China. The fall in demand led to piling up of inventory and slowdown in India diamond exports.
In line with weak demand, rough diamond imports declined 26 per cent to $9.50 billion against $12.87 billion.
Polished lab grown diamond export dropped 20 per cent to $112 million ($139 million) due to the weak demand and huge price fluctuation.
Gold jewellery export also fell 18 per cent in February to $753 million ($919 million) due to constant price rise.
Dip in imports
The overall imports of gem and jewellery also dropped 40 per cent to $1.36 billion ($2.27 billion) due to dip in seasonal demand.
Similarly, the overall imports of cut and polished diamond declined 8 per cent to $120 million ($130 million).
