May 13, 2020
GJEPC predicts jewellery exports will touch $1 billion as pending shipments are cleared
May 13, 2020
As pending export orders on gems and jewellery begin to ship out, the Gem and Jewellery Export Promotion Council predicts that the value of these backlogged shipments will be close to $1 billion (Rs 7,387 crore).
Pending export orders are starting to be cleared in trade centres in Surat, Jaipur, Delhi, Mumbai, Ahmedabad, and Chennai following new government lockdown regulations, the GJEPC said in a statement on May 11.
The organisation also praised the Maharashtra state government’s decision to reopen designated diamond and jewellery export units to resume limited operations in Mumbai as the metro houses two of India’s largest export designated zones, the Bharat Diamond Bourse and the Santacruz Electronics Export Processing Zone Special Economic Zone.
“I would like to express my gratitude to Honourable Chief Minister, Shri Uddhav Thackeray; Shri Subhash Desai, Maharashtra Cabinet Minister; Shri Piyush Goyal, Honourable Union Minister of Commerce and Industry; Department of Revenue and Department of Customs,” said GJEPC chairman, Pramod Kumar Agrawal, the GJEPC shared on its website.
“Bharat Diamond Bourse and SEEPZ in Mumbai are major centres which has a huge backlog of orders and the industry is happy that these centres will be operational in the next few days.”
A number of export shipments from Surat, Jaipur, and Delhi have already been cleared, according to the GJEPC. The organisation also said it believes that the Bharat Diamond Bourse has received export interest applications from its members worth $550 million and the SEEPZ is expected to export $10 million worth of diamonds.
Export parcels are smaller than usual due to decreased factory output. Exporters are also using logistics businesses’ parcel services for transport as opposed to booking directly on cargo flights, as was the norm before, as air freight rates have increased. Strict safety guidelines to counter the spread of Covid-19 are being followed in the export centres, the GJEPC said.
“It has been a collective effort from all the stakeholders that has helped us start gem and jewellery exports,” said GJEPC vice chairman, Colin Shah.
“As always there has been a tremendous support from the Ministry of Commerce and Industry. The Customs department has remained open during the ongoing lockdown and officials have bravely come forward to ensure exports to take place. As a result, cancellation of orders got minimised from Mumbai, SEEPZ, Surat Diamond Bourse and Jaipur.”
Copyright © 2024 FashionNetwork.com All rights reserved.