GIT reports a significant increase in gem and gold exports for January

This growth is attributed to the global economic recovery, a slowing down of global inflation, and the Commerce Ministry's efforts to establish networks and collaborations in the gem trade with new trading partners. As a result, the overall export value, including gold, reached 1.166 billion dollars, reflecting a substantial increase of 59.09%.

Key export markets have shown an upward trend across almost all markets, with the following percentage increases: the US increased by 10.71%, Italy by 0.42%, Hong Kong by 62.17%, Germany by 21.97%, India by 66.18%, Belgium by 82.11%, the UK by 8.04%, Qatar by an impressive 903.39%, and Japan by 17.29%. However, there was a decrease of 7.65% in the United Arab Emirates.

Major exported products in this sector increased across the board. Gold jewellery increased by 30.18%, silver jewellery by 35.99%, platinum jewellery by 6.70%, chunky gemstones by 4.78%, polished hard gemstones by 10.10%, soft cut gemstones by 29.25%, chunky diamonds by 215.75%, polished diamonds 5.93%, and artificial jewellery by 17.12%

Sumed said that despite the global economy starting to recover, the trend of exporting gems and jewellery in 2024 may still face several challenges. These include prolonged monetary policies, uncertainties related to the Israel-Hamas war, the potential expansion of conflicts, key elections in several countries, especially the US and the UK, and the conflict between China and the US.

To drive exports this year, he recommends businesses not overlook focusing on environmentally friendly products and transparent sourcing. This is crucial not only because consumers are increasingly concerned about these aspects, but also because many countries are implementing inspection measures and regulations to control them.