The Gem and Jewellery sector have shown signs of green shoots of exports after a long pandemic struggle of over 8 months. The November 2020 gross exports of Gems & Jewellery reported USD 2.48 Bn a mere 3.88 percent decline as compared to the gross exports of USD 2.58 Bn reported in November 2019.

Overall gross exports however this fiscal year since April to November 2020 has been reported USD 13.95 Bn, which has declined by over 44.37 percent as compared with USD 25.08 Bn gross exports reported the same period in April – November 2019.

Colin Shah, Chairman, GJEPC, said, “The gems and jewellery exports have gained momentum, with exports recorded at USD 2.5 Bn for the last couple of months. Manufacturing is 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.”

“Prompt and proactive relief measures by Government during pandemic, focused initiatives by Council to further the trade through series of Virtual trading platforms such as IIJS Virtual, Virtual Buyer Seller Meets across products, India Global Connect and e – International gem and Jewellery show are helping revive and boost the trade”, added Colin Shah , Chairman

Vipul Shah, Vice Chairman, GJEPC, added, 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.”

Here is the exports data between April – November 2020 in the current fiscal:

Exports – U Shaped