Exports of cut and polished diamonds during April-May witnessed a 77.42 per cent decline, gold jewellery exports declined 92 per cent and shipments of coloured gemstones also dipped 92.90 per cent.
The overall gems and jewellery exports during April-May declined 82.31 per cent to Rs 4,328.54 crore following lockdown in various parts of the world to curb the spread of COVID-19, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.
The total exports during April-May 2019 stood at Rs 24,468.11 crore, GJEPC said in a statement.
"Exports were mainly affected due to the lockdown globally. We are seeing demand picking up in China, Europe and Australia," GJEPC vice chairman Colin Shah said.
"However, large parts of the Gulf and the US are still in turmoil due to the pandemic. The industry is recovering slowly but surely, adhering to all the safety norms required," Shah added.
The industry will recover even faster if there is credit availability and faster momentum in ease of doing business, he said.
Meanwhile, exports of cut and polished diamonds (CPD) during April-May witnessed a 77.42 per cent decline to Rs 2,943.18 crore from Rs 13,033.41 crore registered during the corresponding months in 2019.
Similarly, gold jewellery exports during the last two months declined 92 per cent to Rs 634.38 crore from Rs 7,927.47 crore in April-May 2019.
Shipments of coloured gemstones also dipped 92.90 per cent to Rs 28.98 crore from Rs 408.45 crore in April-May 2019.
However, silver jewellery exports during the last two months grew by 5.46 per cent to Rs 647.74 crore from Rs 614.21 crore in April-May 2019.
Photograph: Tyrone Siu/Reuters