India's gem and jewellery exports begin to recover swiftly

By

Isabelle Crossley

Published
Dec 9, 2020

India’s gem and jewellery exports showed strong signs of recovery in November as gross exports totalled $2.48 billion (Rs 16,499 crore), just 3.88% less than the November 2019 gross export total of $2.58 billion. 

 
Following months of low exports due to the coronavirus pandemic, November saw what could be the beginning of a recovery for the gem and jewellery export sector, the Gem and Jewellery Export Promotion Council announced on its website.

Overall gross exports from April to November this year were down by 44.37% year-on-year at $13.95 billion, compared to $25.08 billion from April to November 2019, but October and November saw this trend begin to turn around.

“The gems and jewellery exports have gained momentum, with exports recorded at $2.5 billion for the last couple of months,” said GJEPC chairman, Colin Shah, the GJEPC reported.

“Manufacturing has 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.”
 
“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 major market, the US; and strong online sales have compensated for the weak performance of physical stores,” said GJEPC vice chairman Vipul Shah.