New Delhi, April 29 -- Gems and jewellery exports, one of the largest categories in India's export basket, ended FY24 with a steep decline, sinking to its lowest levels in three years due to lower global demand.

According to data from the commerce ministry's Niryat portal, gems and jewellery exports stood at $32.71 billion during FY24, down from $37.96 billion in FY23 and $38.94 billion in FY22.

During the pandemic, the exports of gems and jewellery suffered along with other commodities as most economies resorted to stringent lockdowns to prevent the spread of the coronavirus.

The pandemic saw gems and jewellery exports plunge to $3.86 billion in FY19 and $4.32 billion in FY20 before recovering to $26.02 billion in FY21.

The Gems and ...