October 19, 2020

Gem, jewelry exports dip 34.72 per cent in June: GJEPC

The nation’s gem and jewelry exports contracted by 34.72 per cent to USD 1.64 billion (round Rs 12,333 crore) on account of dip in international demand on account of the COVID-19 pandemic, in keeping with the Gems and Jewelry Export Promotion Council (GJEPC). The exports stood at USD 2.52 billion (round Rs 18,951 crore) in June final 12 months.

The labour-intensive sector contributes about 15 per cent of the nation’s total exports.

“There was a gradual decline in exports because the demand has been happening following international financial slowdown and several other restrictions in lots of nations to curb the unfold of Covid-19 pandemic. Nevertheless, we’re seeing demand selecting up in China, Europe and Australia,” GJEPC chairman Colin Shah advised .

Throughout April-June this fiscal, the exports dipped by 54.79 per cent to USD 2.75 billion as in opposition to USD 6.07 billion in the identical interval final 12 months.

The decline in shipments is principally on account of destructive development within the export of gold jewelry, and colored gems.

As per the information, gold jewelry exports in the course of the first quarter of 2020-21 declined by 79 per cent to USD 321.24 million.

Equally, outbound shipments of colored gems contracted 80.56 per cent within the final fiscal.

However, exports of silver jewelry grew to USD 324.59 million in the course of the interval from USD 168 million in April-June 2019-20.

India’s important export locations are the US, Europe, Japan and China. America accounts for about one-fourth of the nation’s complete gems and jewelry exports

Throughout the quarter, imports of gems and jewelry declined by 74.81 per cent USD 915.14 million.

Import of tough diamonds throughout April-June 2020 too dipped by 82.7 per cent to USD 481.65 million.

The Newly-appointed GJEPC Chairman stated he’ll concentrate on selling ease of doing enterprise for the sector as it might assist in pushing manufacturing and exports each.