Gems, jewellery exports down 82 percent in April-May to Rs 4,329 crore

By

Maverick Martins

Published
Jun 17, 2020

India’s gems and jewellery exports plummeted 82 percent during April-May to Rs 4,329 crore ($568 million) as countries stopped imports of gold, due to restrictions imposed to curb the spread of Covid-19, the Gem and Jewellery Export Promotion Council (GJEPC) said.
 

The country had exported gems and jewellery worth Rs 24,468 crore during the months of April-May last year.
 
Exports of cut and polished diamonds (CPD) during April-May stood at Rs 2,943 crore, while gold jewellery exports from the country were estimated to be around Rs 634 crore.

Commenting on the situation, GJEPC vice chairman, Colin Shah, in a statement said: "Exports were mainly affected due to the lockdown globally. We are seeing demand picking up in China, Europe and Australia. However, large parts of the Gulf and the U.S. are still in turmoil due to the pandemic.
 
“The industry is recovering slowly but surely, adhering to all the safety norms required. The industry will recover even faster if there is credit availability and faster momentum in ease of doing business,” he added.
 
GJEPC is also expecting exports to pick up in the coming months. As pending export orders on gems and jewellery begin to ship out, it predicts that the value of its backlogged shipments to be close to $1 billion.