Gems and Jewellery Exports Could Dip by 20% in 2020-‘21

SEATTLE (Scrap Monster): The exports of gems and jewellery from India are likely to end up almost 20% lower in 2020-’21.

According to data published by the Gems and Jewellery Export Promotion Council (GJEPC), the gross exports totalled around INR 2.51 lakh crore between April 2019 and March 2020. This is inclusive of cut and polished diamonds, gold, silver and platinum jewellery and coloured gemstones. The projected 20% dip in exports in 2020-’21 is not bad, considering the extremely adverse market situations on account of Covid-19 pandemic crisis.

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The industry had adapted to modern trends including e-commerce, after retail shops witnessed shutdown across the nation on account of the pandemic. The Council had recently entered into partnership with eBay to boost retail exports of gems and jewellery from India. The e-commerce trade is expected to play key role in projected exports growth to $75 billion by 2025.

Meantime, Commerce Ministry data indicates that the country’s gold imports recorded 3.3% decline over the previous year to $26.11 billion in April ‘20-February ’21. The imports had totalled $27 billion during the year-ago period. The dip in gold imports helped the country to narrow its trade deficit to $84.62 million during the eleven-month period.