Mumbai: India’s gross exports of gems and jewellery (G&J) during the months of April and May 2020 dipped significantly to US$ 572.18 million, down 83.68% as compared to the same months a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).
The slump, as a result of the total closure of all manufacturing units for virtually the whole of April, and the partial reopening of only a few units in May was witnessed in almost all product segments. The restrictions on international shipments and the widespread lockdown in many of the key consuming countries also added to the slowdown. In May, exports to China, Europe and Australia showed some growth, but the US and the Middle East continued to be impacted due to the effects of the pandemic.
However, the decline was particularly marked in the two largest export segments: cut and polished diamond exports were down 79.17%, while exports of gold jewellery (both plain and studded) slumped 92.62% in the two month period.
During April-May 2020, cut and polished diamond exports totalled US$ 389.07 million (April-May 2019: US$ 1.87 bn) and gold jewellery (plain and studded) exports stood at US$ 83.84 million as against US$ 1,135.90 million in the same months a year earlier, the data indicated.
Rough imports during the two months also fell dramatically by 93.98% to US$ 80.64 million as compared to US$ 1,339.44 million imported during April-May 2019.
Imports of cut and polished diamonds stood at US$ 107.85 mn in the first two months of FY2021, down from US$ 139.34 mn in the corresponding period a year earlier.
Exports of rough diamonds totalled US$ 2.13 million in April-May 2020 as compared to US$ 95.04 mn in the same months during 2019.
Exports of polished lab-grown diamonds stood at US$ 3.62 mn during the two months as against US$ 35.64 mn a year earlier.
Imports of rough lab grown diamonds stood at US$ 2.93 mn during the two months, down from US$ 25.04 mn a year ago, while imports of polished lab grown diamonds declined to US$ 0.75 mn in April-May 2020 as compared to US$ 8.94 mn a year earlier.
Exports of silver jewellery were somewhat of an exception, remaining almost flat in April-May 2020 at US$ 85.63 million as compared to US$ 88.01 million in the same months last year.
Coloured gemstone exports fell to US$ 3.83 million in April-May 2020 as compared to US$ 58.52 million exported during the same months a year earlier.
