Gem & Jewellery exports from India posted a year-on-year decline of 42% to $1,764.06 million in August 2020, from a year earlier.
However, showing signs of recovery during the lockdown period, the sector’s exports rose significantly in August compared with the $36 million seen in April.
“The recovery is due to growth in demand for diamonds and jewellery in international markets like U.S., China and Europe, which have opened for trade,” the Gem and Jewellery Export Promotion Council (GJEPC) said.
Colin Shah, chairman, GJEPC, said in a statement, “We are optimistic, as several countries are now open for trade. We have witnessed initial signs of recovery from markets like the U.S., China, Europe and export orders have seen a steady rise month-on-month over the last 4-5 months.”