Gem and jewellery exports surpass pre-pandemic levels in April
Gem and jewellery exports have recovered significantly over the past few months and April saw 16.63% growth in the sector compared to April 2019. The industry is keen to maintain this growth amid the second wave of Covid-19.
“The Gem and Jewellery Exports in April in comparison to the pre-pandemic year of April 2019 have outperformed and grown by 16.63%,” said Gem and Jewellery Export Promotion Council chairman Colin Shah, the GJEPC reported on its website.
“The reason why India managed to export $3,369.65 million, despite the ongoing second wave of pandemic, was unlike last time. This time, there was no national lockdown imposed and in almost all our manufacturing locations, activity for export has been facilitated by the government.”
“Our key export markets have opened for economic and social activities and we are receiving good orders from our major export markets,” continued Shah. “Even the SEZs (special economic zones) dedicated for gems and jewellery exports have been operational and are able to cater to the growing demand especially in U.S., UAE, and China.”
The GJEPC urged the government to support the industry to enable it to continue its positive momentum, especially as the current second wave of the virus is disrupting industry operations.
The GJEPC praised the Department of Commerce, Customs, and Ministry of Finance for their work alongside the industry and proposed a number of relief measures to help the industry keep going, amid the current crisis. Such support included an extension of the export finance realisation period, an extension of import payments, and the status quo to be maintained for credit ratings, among other suggestions.
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