Addressing the media, on the sidelines of an event here on Monday evening, the GJEPC Chairman said that the Commerce Ministry has given a target of $42 billion for the gems and jewellery segment exports in 2023-24.
"For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising
Going ahead, "we expect that overall we should see a 10 to 15 % decline in the gems and jewellery exports," he said on GJEPC estimates for the current fiscal ending March.
Diamonds constitute more than 55% of the overall gems and jewellery export basket, Shah said.
The exports target (for the current fiscal) is $42 billion, which was given by the Ministry of Commerce, he added.