Surat’s diamond workers see Diwali vac cut to a week from three weeks on export revival

retail
By retail November 17, 2020 11:58

Surat’s diamond workers see Diwali vac cut to a week from three weeks on export revival

The demand revival for polished diamonds has been “encouraging” with exports in October slated to be equal to a year ago in value terms, Shah said. October 2019 saw India exporting polished diamonds worth $1.95 bn.

The demand revival for polished diamonds has been “encouraging” with exports in October slated to be equal to a year ago in value terms, Shah said. October 2019 saw India exporting polished diamonds worth $1.95 bn .

April saw no exports while May saw a slump of 79% in dollar terms to a mere $389 MN. GJEPC data show. From June, when the lockdown was relaxed, exports began reviving. Exports of polished diamonds that month were down 47% by value, in July ( minus 39%) , August (minus 26%) and September (minus 19.6% from a year ago).

Shah said that demand for November and December would also be equal to that a year ago. He expects exports to be down 30% in FY 21 , because of the Covid-induced disruption. In FY20 , India exported polished diamonds worth $18.6 bn.

“That figure (fall in exports) could have been higher , but for the recent revival in demand,” added Shah.

Shah’s comments were backed by Mehta, CEO of the over 100 year old Mohit Diamonds.

“Exports are picking up and Surat has had to cut the vacation of workers from three weeks to a week to 10 days to cater for this demand,” Mehta said.

 

Courtesy: Retail Economic Times

retail
By retail November 17, 2020 11:58
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

<

Subscribe to Our Mailing List



Advertisement