India’s net exports of gems and jewellery shrank 47% year on year to $3.4 bn in April-July this fiscal because of the Covid-induced global economic slowdown.
Mumbai: India’s Imports of rough diamonds, which plumbed 82% to a provisional $713 Mn in April-July 2020, have started picking up in August, with around $300-400 mn worth of stones being imported during the month, said Colin Shah, chairman Gem & Jewellery Export Promotion Council (GJEPC).
Shah added that he estimates gems and jewellery exports to shrink by 25% in the current fiscal (FY21) with the situation expected to improve in the third and fourth quarters . The reduction in imports of roughs from April-July by GJEPC members helped keep prices of polished diamonds steady, he added.
India’s net exports of gems and jewellery shrank 47% year on year to $3.4 bn in April-July this fiscal because of the Covid-induced global economic slowdown. Of this polished diamond share was 70% at $2.7 bn, down 46.5% year on year. US, Europe are some of the biggest markets for India’s diamond exports with Hong Kong serving the Asian market.
Courtesy: Economic Times
