India’s gems and jewelry industry, which accounts for nearly 7% of GDP, is expected to lose 30–35% of revenue in 2023-24 due to weak US, EU, and Chinese demand. Gujarat Toolroom received a diamond export order for decorative production…
The gems and jewelry industry is one of the largest in the nation. Important for fueling the economy. Statistics show the industry contributes over 7% to GDP. The business generates a lot of foreign cash and employs about 50 lakh people in organized and unorganized sectors.
According to PTI, rating agency Crisil expects India’s diamond polishing industry’s revenue to drop by 30-35 percent to USD 14-15 billion in 2023-24 due to weak US, EU, and Chinese demand. India exports 75% of its polished diamonds from these three regions.
Crisil stated that festivities will boost second-half demand and revenue. Gujarat Toolroom announced a USD 50 million diamond export order.
A stock exchange filing states that the diamonds will be used to make magnificent jewelry.
“In line with commercial terms, the customer will make an initial advance payment to initiate the order, with the remainder to be settled against the Bill of Lading,” a BSE statement stated.
According to exchange statistics, Gujarat Toolroom shares rose 2% to Rs 36.85 on BSE, a 52-week high. Three-month multibagger return of 192.46% for the stock.
Gujarat Toolroom, an industrial company, made a Dubai market entry last month to sell rare gems, stones, gold bars, and jewelry.
Conclusion
India’s gems and jewelry business is vital to its economy. The industry is expected to lose revenue in the current financial year due to lower demand from major markets, but Gujarat Toolroom’s large diamond export order shows that the industry is adapting to changing market conditions and exploring new growth opportunities. Despite the current storm, the industry’s tenacity and ability to innovate suggest it will survive and grow.
