Mumbai's gem and jewellery exports increase significantly despite pandemic
Mumbai’s Santacruz Electronic Export Processing Zone’s 149 gem and jewellery units have seen sales exceed pre-pandemic volume and reverse the economic slump of the previous three years.
Following a period of vastly reduced business during the first nationwide lockdown due to the pandemic from March to July 2020, the Seepz’s jewellery units have seen their exports not only return to pre-pandemic levels, but actually exceed them, TNN reported. The three years before the pandemic had seen comparatively low export volume but this trend has been reversed in the 2022 financial year.
From April to August 2021, gem and jewellery exports from Seepz totalled Rs 10,325 crore ($1.6 billion) which represents an 82% increase compared to its earlier peak figure of Rs 5,662 crore in the 2017 financial year. The total also represents a 88% compared to pre-covid levels.
“Jewellery is a feel-good factor and is a very personal gift,” said Seepz Gems and Jewellery Manufacturing Association president, Rajeev Pandya, TNN reported. “This emotional need to give has helped increase sales.”
Other factors which have contributed to an increase in Indian gem and jewellery exports include tensions between the U.S. and China, which has led some U.S. businesses to shift their orders from China to India. Government financial assistance to citizens during the pandemic in countries including the U.S. also gave people money to spend on jewellery, according to Pandya.
The top three destinations for gems and jewellery from Seepz this year are the U.S., Hong Kong, and the UK. Online sales have driven growth and Pandya expects for this trend to continue.
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