Gem, jewelry exports dip 34.72 per cent in June: GJEPC – The Economic Times

The nation’s gem and jewellery exports contracted by 34.72 per cent to USD 1.64 billion (round Rs 12,333 crore) resulting from dip in global demand on account of the COVID-19 pandemic, in accordance with the Gems and Jewellery 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 general exports.

“There has been a steady decline in exports as the demand has been going down following global economic slowdown and several restrictions in many countries to curb the spread of Covid-19 pandemic. However, we are seeing demand picking up in China, Europe and Australia,” GJEPC chairman Colin Shah informed .

During 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 especially resulting from adverse progress within the export of gold jewelry, and colored gem stones.

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

Similarly, outbound shipments of colored gem stones contracted 80.56 per cent within the final fiscal.

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

During 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 could assist in pushing manufacturing and exports each.

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