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Corona’s business of jewelery and gems, exports fell by 25 percent

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During the financial year, gold jewelery exports fell by 57.89 percent to Rs 35,483.17 crore. A year ago it stood at Rs 84,270.81 crore.

Gems and jewelry Business

Gems and jewelery exports fell by 25.71 percent to Rs 1,85,952.34 crore in the last financial year 2020-21 from the previous year, the industry body Gems and Jewelery Export Promotion Council (GJEPC) said due to the COVID-19 epidemic The export figures have come down due to the hiccups that have arisen. In the previous financial year 2019-20, the export of gems and jewelery was Rs 2,50,319.89 crore.

GJEPC Chairman Colin Shah said in a statement issued on Monday, “The year 2020-21 is an exception, but despite this the industry showed a fighting potential. The industry molded itself to the new normal and showed improvement in exports in the second half of the financial year.

Diamond exports also fall

“After the decline in the first three quarters of the last financial year, exports of gems and jewelery increased by 12.73 percent in the fourth quarter,” Shah said. Exports of polished and polished diamonds declined by 8.87 per cent to Rs 1,20,302.04 crore during the last financial year. In the previous financial year, it stood at Rs 1,32,015.25 crore.

Jewelry exports fell 58 percent

During the financial year, gold jewelery exports fell by 57.89 percent to Rs 35,483.17 crore. A year ago it stood at Rs 84,270.81 crore. On the other hand, silver jewelery exports rose 43.55 percent to Rs 17,163.03 crore. In 2019-20, this figure was Rs 11,955.75 crore.

40 percent drop here too

Meanwhile, exports of colored gems fell by 39.32 per cent to Rs 1,377.30 crore, from Rs 2,269.69 crore in the previous financial year. Total exports in March increased by 73.98 percent to Rs 24,729.57 crore, which was Rs 14,214.24 crore in March 2020. Actually, the condition of this industry was bad since last year’s corona. Now from this quarter a little demand started showing that again due to Corona’s second web, the concern of the traders has increased. Businessmen are afraid that if the situation does not improve, then the time to come may prove to be even more frightening.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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