‘Stimulus in U.S., restocking helped’
Overall gross exports of gems and jewellery from India witnessed a growth of 224% to $12,549.92 million between April and July, from a year earlier.
“Exports growth is majorly attributed to the renewed consumer sentiment especially in U.S.A. with the recent announcement of the COVID-19 stimulus package of $1.9 trillion to speed up recovery from the economic and health effects of the pandemic,” said Colin Shah, chairman, Gem & Jewellery Export Promotion Council (GJEPC).
“With the continued recovery in global markets, rise in disposable incomes of consumers, forthcoming festive season in domestic and international markets, we are expecting exports to grow further in the coming months,” he added.
Cut and polished diamond exports have grown more than threefold to $8,522.34 million in the period.
“Continued recovery in key export markets like U.S.A., China and Hong Kong as well as restocking of inventory have been the major reasons for the positive export growth of diamonds,” Mr. Shah said. Plain gold jewellery exports rose more than sevenfold to $858.83 million.
Silver jewellery exports grew 66% to $843.04 million. Coloured gemstone exports also rose almost threefold to $86.14 million.
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