India’s exports of gems and jewellery, a major category in its export basket, have fallen to their lowest levels in three years, ending FY24 with a significant decline. According to data from the commerce ministry’s Niryat portal, gems and jewellery exports totaled $32.71 billion in FY24, down from $37.96 billion in FY23 and $38.94 billion in FY22. The pandemic had a significant impact on the industry, leading to a sharp drop in exports. However, the sector showed signs of recovery in FY21, with exports reaching $26.02 billion. Despite setting an ambitious export target of $40 billion for FY24, the industry faced challenges due to a downturn in key markets like China and the US. While rising inflation and interest rates have contributed to the decline, there are expectations of improvement in FY25 as the global economy is anticipated to perform better.