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GJEPC Sees Gems, Jewellery Exports Falling 25-30% This Fiscal

7 Sep 2020 2:04 pm
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Mumbai (Commodities Control) - Gems and jewellery exports are projected to decline by 25-30% in the current fiscal as there was a "complete washout" of the first quarter due to lockdown to curb spreading of the COVID-19, the Gem and Jewellery Export Promotion Council (GJEPC) said.
"There was a complete shutdown during the first quarter of this financial year (April-June) due to complete lockdown in India as well as the importing countries in order to curb the spread of the pandemic.

"Even as things are improving the washout of the first quarter will have a cascading effect on the entire financial year," GJEPC Chairman Colin Shah said.

He also said the next two quarters will continue to be challenging due to manufacturing restrictions.

"Overall, we are expecting 25-30 per cent decline in gems and jewellery exports in 2020-21," he said.

This year, there is going to be demand but manufacturing will be the challenge because a lot of workers have still not returned, he said, adding "we hope we can ramp up manufacturing to go up with the demand".

Jewellery manufacturers were functioning with 25 per cent manpower keeping in line with state government guidelines amid the pandemic.

From Thursday onwards, this limit has been increased to 50 per cent along with the rest of the safety guidelines that the manufacturers have to maintain, Shah said.

When asked about the challenges expected during the next two quarters, he said that usually the season is from October to March, when most retail buying takes place due to festive seasons.

"The demand is strong and we expect things to be close to normal by then. We expect 10 per cent decline during the second and third quarters," he added.

(Commodities Control Bureau)



       
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