Image credit: GJEPC
The November 2020 gross exports of Gems & Jewellery reported $ 2.48 bn, a mere 3.88 per cent decline as compared to the gross exports of $2.58 bn in November 2019.
Overall gross exports however this fiscal year since April to November 2020 has been reported $13.95 bn, which has declined by over 44.37 per cent as compared with $25.08 bn gross exports reported the same period in April – November 2019.
Colin Shah, Chairman, GJEPC, said, “The gems and jewellery exports have gained momentum, with exports recorded at USD 2.5 Bn for the last couple of months. Manufacturing is returned to almost 90% as rough diamond imports witnessed 69% growth in October. Considering the encouraging market demands and the current rate of growth, the sector is expected to record exports to pre Covid level numbers in the last quarter.”
Vipul Shah, Vice Chairman, GJEPC, said: “The fast recovery of the Indian gem and jewellery industry is due to a combination of many factors: the government implemented timely policy measures; central banks injected sufficient liquidity into the system; mining companies supported midstream segment; demand has picked up from the major market, the US; and strong online sales have compensated for the weak performance of physical stores.”
