Gems and jewellery exports faced a decline of 12.17% to Rs 2,65,187.95 crore (USD 32,022.08 million) during the 2023-24 financial year compared to the previous year due to challenges like high interest rates in the US and a slow recovery in China. Cut and Polished diamonds exports decreased by 25.23%, while Polished Lab Grown Diamonds saw a provisional dip of 13.79% in the same period.