Gem and jewellery exports in FY24's April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to global economic challenges and geopolitical factors. The import of gems and jewellery also saw a 22.43% YoY decrease. Notably, rough diamonds imports fell by 23.51%, while cut and polished diamond exports declined by 28.27%. Lab-grown diamonds, previously on the rise, experienced a 22.97% dip in gross exports. Despite the current setback, industry experts, including Colin Shah of Kama Jewelry, anticipate a gradual recovery from the 3rd quarter of FY25.