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Gem, jewellery export dip 35% in June as Covid-19 takes a toll

Mumbai | Updated on July 13, 2020 Published on July 13, 2020

Gem and jewellery exports dipped 35 per cent in June to $1.65 billion as against $2.52 billion logged in the same period last year, as demand was hit by the Covid-19 pandemic across the globe. In rupee terms, it declined 28 per cent to ₹12,483 crore (₹17,393 crore), according to data released by the Gem and Jewellery Export Promotion Council on Monday.

Cut and polised diamond exports plunged 47 per cent to $898 million against $1.69 billion recorded last year while in rupee terms it declined 42 per cent to ₹6,805 crore (₹11,662 crore).

Similarly, gold jewellery shipments dipped 41 per cent to $237 million ($400 million) due to high gold prices and dropped 35 per cent in rupee terms to ₹1,797 crore (₹2,756 crore).

Weak quarter

The overall gems and jewellery exports more than halved to $2.75 billion ($6.07 billion) and dropped 51 per cent to ₹20,797 crore (₹42,175 crore) in the quarter ended June as the industry limped back to normalcy after the Covid-induced lockdown.

Cut and polished exports halved to $1.80 billion ($3.58 billion) and 45 per cent to ₹13,638 crore (₹24,838 crore). Gold jewellery exports is down 79 per cent this fiscal to $321 million (₹2,433 crore) against $1.54 billion (₹10,689 crore) logged last year.

However, silver jewellery exports doubled to $325 million while that of coloured gemstone was down 81 per cent to $16 million ($83 million)

Gems and jewellery imports this fiscal is down 75 per cent to $915 million ($ 3.63 billion). Rough diamond imports declined 83 per cent to $482 million ($2.78 billion). Cut and polished diamond increased 22 per cent to $303 million ($248 million) as lot of consignments were sent back by the buyers.

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Published on July 13, 2020
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