India’s general gem & jewelry exports estimated to fall 25% this fiscal, says GJEPC

Mumbai: India’s Imports of tough diamonds, which plumbed 82% to a provisional $713 Mn in April-July 2020, have began selecting up in August, with round $300-400 mn value of stones being imported in the course of the month, mentioned Colin Shah, chairman Gem & Jewelry Export Promotion Council (GJEPC).

Shah added that he estimates gems and jewelry exports to shrink by 25% within the present fiscal (FY21) with the scenario anticipated to enhance within the third and fourth quarters . The discount in imports of roughs from April-July by GJEPC members helped maintain costs of polished diamonds regular, he added.

India’s internet exports of gems and jewelry shrank 47% 12 months on 12 months to $3.four bn in April-July this fiscal due to the Covid-induced world financial slowdown. Of this polished diamond share was 70% at $2.7 bn, down 46.5% 12 months on 12 months. US, Europe are among the largest markets for India’s diamond exports with Hong Kong serving the Asian market.

He was talking after inauguration of a digital purchaser -seller platform by GJEPC which goals to deliver collectively patrons and sellers of diamonds and diamond jewelry on an augmented actuality enabled product.