Gold jewelry exports tumbled by nearly half (down 48%) thanks to high prices and economic worries.
Lab-grown diamond exports also shrank 28%, while silver and platinum jewelry took an even bigger hit, showing robust growth.
Interestingly, despite all this, imports of gems and jewelry jumped 17% as companies stocked up on raw materials, hoping for better days ahead.
As Kama Jewellery's Colin Shah, MD, put it, this is the industry preparing for market revival despite current pressures.