India is likely to export jewellery worth $40 billion in FY24.

The Gems and Jewellery Export Promotion Council (GJEPC) predicts that Indian gems and jewellery exports might hit a whopping $40 billion in the fiscal year 2024 because of an increase in demand for precious metals in key markets such as the US and UAE.

Gems and Jewellery exports during April-October already reached £18.60 billion, making up a solid 46% of the annual target. However, it will be essential to keep an eye on the industry's performance to make sure this positive projection holds up. 

Government data for the last seven months indicates fluctuating gems and jewellery exports. September saw the highest, hitting £3.19 billion, followed closely by October at £2.99 billion. May was at £2.82 billion, August grooved at £2.60 billion, and the other months had their moves – £2.43 billion in April, £2.30 billion in July, and £2.28 billion in June.

Now, here's the plot twist – the jewellery industry faced challenges from a slowdown in China and the US, which are major markets for India. Anil Sankhwal, a GJEPC executive said that the dip in demand from these crucial markets had a ripple effect in India. To tackle this, a panel is being set up, led by a customs official, to smooth out the export-import processes for jewellery shipments. They're even roping in small exporters to up the chances of hitting that export target for the fiscal year.

An important discussion went down at a round table with Samanjasa Das, the chief commissioner of customs for the Delhi zone, and GJEPC office-bearers. Despite the challenges, the industry is strutting its stuff confidently, aiming to meet the annual export target. The game plan is to keep a close eye on the measures discussed, fix any kinks, and address the hiccups to make sure those glittering goals are achieved.

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