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Sunday, September 27, 2020

Rising demand in international markets helps gems, jewellery exports recover in August

The recovery is due to growth in demand for diamonds and jewellery in international markets like the US, China and Europe which have opened for trade, according to the Gem and Jewellery Export Promotion Council.

By: ENS Economic Bureau | Mumbai | September 13, 2020 12:47:34 am
jewellery exports recover, gems export, international markets, indian economy, Indian express newsHowever, when compared on a year-on-year basis, gross exports registered a decline of 41.55 percent as compared to gross exports of $3,018.32 in August 2019. (Representational)

The gemS and jewellery exports have shown signs of recovery at $1,764.06 million in August 2020 as compared to $36 million in April 2020 when exports were hit due to the Covid pandemic.

The recovery is due to growth in demand for diamonds and jewellery in international markets like the US, China and Europe which have opened for trade, according to the Gem and Jewellery Export Promotion Council. However, when compared on a year-on-year basis, gross exports registered a decline of 41.55 percent as compared to gross exports of $3,018.32 in August 2019.

Colin Shah, chairman, Gem and Jewellery Export Promotion Council, said, “We are optimistic of the near and long term as several countries are now open for trade. We have witnessed initial signs of recovery from markets like the US, China, Europe and the export orders have seen a steady rise month on month over the last 4-5 months.”

During April to August 2020 period, overall gross exports of gems & jewellery at $6,008.57 million (Rs 45,189.76 crore) registered a fall of 47.65 per cent (decline of 43.59 per cent in rupee terms), compared to $11,478.14 million (Rs 80,116.55 crore) for same period previous year.

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