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As demand picks up, gems & jewellery exports bounce back to pre-Covid levels

According to the Gem and Jewellery Export Promotion Council (GJEPC), exports of cut and polished diamonds jumped 124.9 per cent to $12.37 billion from $5.50 bill in the same period of last year.

Diamond exports rose by 20.24 per cent and total gem and jewellery exports gained 5.13 per cent from the April-September 2019 period before the pandemic hit the country. (Source: Pixabay/Representational)

Gems & jewellery exports, hit by the Covid pandemic last year, have bounced back and gained momentum in the first half of the fiscal year. During April to September 2021, the overall gross exports of gems & jewellery recorded a growth of 136.95 per cent to $18.98 billion as compared to $8.01 billion in April-September 2020 as demand picked up across the world.

According to the Gem and Jewellery Export Promotion Council (GJEPC), exports of cut and polished diamonds jumped 124.9 per cent to $12.37 billion from $5.50 bill in the same period of last year. Diamond exports rose by 20.24 per cent and total gem and jewellery exports gained 5.13 per cent from the April-September 2019 period before the pandemic hit the country.

Colin Shah, chairman, GJEPC, said, “The sector has already achieved nearly half (46 per cent) of the $41.66 billion exports target set by the government. The sentiment in the industry is incredibly positive with markets opening up and demand gradually returning to normal.”

“GJEPC successfully concluded the International Gem & Jewellery Show (IGJS) in Dubai recently. We have received particularly good feedback from the exhibitors and buyers. Moreover, with the festive season coming up, we are optimistic to achieve the export target by the end of the financial year,” Shah said. Being a labour-intensive industry and looking at the growth potential the sector, the government has declared gems and jewellery sector as a focus area for export promotion.

The space transfer policy announced on October 11, 2021 by the Department of Commerce will significantly facilitate of ease doing business in Special Economic Zones (SEZ), which account for a 30 per cent share in India’s total gem and jewellery exports. During September 2021, overall gross exports of gems & jewellery have shown a decline of 0.99 per cent to Rs 23,259.550 crore (-4.03 per cent in dollar terms to $3162.25 million) as compared to Rs 23,491.20 crore ($3294.87 million) in September 2019.

Cut & polished diamond exports have registered a growth of 1.12 per cent to Rs 14,028.04 crore, down 1.97 per cent in dollar terms to $ 1907.3 million, in September 2021 as compared to Rs 13,872.63 crore ($ 1945.68 million) in September 2019. In September 2021, gold jewellery exports declined 19.32 per cent to Rs 5,656.32 crores — decline of 21.85 per cent in dollar terms to $ 768.96 million — as compared to Rs 7,011.07 crore ($ 983.89 million) in September 2019.

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