Diamond exports dip 41% to Rs 7k crore in June

Surat: Export of cut and polished diamonds declined 41% to Rs 7,000 crore in June compared to Rs 16,000 crore during the same month in previous year.
According to the GJEPC, the export of diamonds between April-June fell 45% to Rs 13,638 crore against Rs 24,000 crore export during the same period in previous year.
Industry sources said that it was expected that the polished export would dive to more than 60% due to the weak demand and about 40% of the diamond units in Surat still unable to reopen.
Sources in the GJEPC stated the export of gems and jewellery, especially diamonds has been affected due to the severe dip in the demand following coronavirus pandemic globally. However, demand in China, Europe and has recovered to a great extent. Majority of the diamonds exported from India was bound to Hong Kong, which is the gateway for China.
Kirti Shah, diamond exporter said, “We expected the diamond export would decline by more than 60% in June. However, the GJEPC figures are quite encouraging for the industry. Majority of the export has come from the online sales by the diamantaires. We are hoping to get more business from US in the coming months.”
“The data shows that the industry is on the recovery path. If there is enough credit availability and more quicker progress made on ease of doing business, the industry will come out of the pandemic situation very soon,” said a senior official of GJEPC.