The Gem and Jewellery Export Promotion Council attributes the decline to provide disruptions and a voluntary halt in tough diamond imports because of geopolitical points. GJEPC Chairman Vipul Shah anticipates further improvement, citing heightened festival demand and expects FY24 exports to surpass the previous financial yr. The drop in consumption of plain gold jewelry has impacted the manufacturers of plain gold jewellery from Tamil Nadu, Kolkata and Delhi. Muthu Venkatraman stated that the orders for plain gold jewelry have trickled down submit the surge in gold prices.
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