India’s Gems And Jewellery Exports Fall By A Record 55 Per Cent In June Quarter Owing To Lockdown
Factories forced to operate at 10 to 20 per cent workforce in lockdown caused the decline.
India’s gems and jewellery industry took a massive hit in the quarter of June, thanks to the lockdown that was set in place by the Indian government in order to curb the spread of COVID-19 in the country. The country’s exports fell by a record 55 per cent in the June quarter from a year ago to $2.75 billion. Moreover, the cut and polished diamond exports also fell by 50 per cent in the quarter to $1.8 billion, according to the Gems and Jewellery Export Promotion Council (GJEPC).
Colin Shah, chairman of GJEPC, told Reuters, “Factories were operating with just 10 per cent or 20 per cent workforce because of lockdown. Demand was also weak from overseas during the quarter.” He also revealed that production is still likely to be affected in July and that it will only return to normal levels after all restrictions are eased. He said that demand from China and the US is increasing, but is still much lower than normal.
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