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The business has highlighted issues corresponding to the shortage of valuers, challenges with the hand-carriage of gems and jewelry, and issues in regards to the Remission of Duties or Taxes on Export Products scheme. In November, India’s gem and jewelry exports decreased by 4.52% YoY to Rs 19,018.18 crore (USD 2,263.34 million), marking an enchancment from the previous 12 months. The Gem and Jewellery Export Promotion Council attributes the decline to provide disruptions and a voluntary halt in rough diamond imports because of geopolitical issues. GJEPC Chairman Vipul Shah anticipates additional improvement, citing heightened competition demand and expects FY24 exports to surpass the earlier financial year.
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