GJEPC: Declining Rate of Gem & Jewellery Exports Doubled

SEATTLE (Scrap Monster): The Gem and Jewellery Export Promotion Council (GJEPC), sponsored by the Ministry of Commerce and Industry in India, noted that the industry has been hit hard by the impacts of COVID-19.

According to the trade body, the declining rate of gem and jewellery exports from the country doubled to -11.32% during the period from December 2019 to February 2020. The exports had dropped only by 5.53% during Apr-Nov ’19. Incidentally, the exports recorded highest decline of over 19% in the month of February this year. Based on current estimates, the gem and jewellery exports are likely to end up in loss of approximately $2.57 billion by end-March 2020.

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The exports to key destinations have recorded substantial decline in February this year. The exports to Turkey were the worst-affected, witnessing nearly 95% decline during the month. The exports to Hong Kong and the UK too were down by 64% and 57% respectively, GJEPC data said.

Meantime, GJEPC announced setting up of INR 50 crores corpus towards welfare measures. Also, it is in talks with government authorities and trade bodies and apex organizations across the world to ensure price stability and supply-demand equilibrium in the market.