India's Exports Almost Back to Pre-Covid Levels
December 08, 20
(IDEX Online) - India's gem and jewelry exports rebounded last month, approaching pre-Covid levels for the first time since the pandemic hit.
Manufacturing is almost back to normal and after a series of voluntary embargoes, rough imports rose in October by almost 70 per cent.
Foreign sales for November were within four per cent of the same month in 2019, signaling a sharp upturn in demand.
October, by comparison, was down 19 per cent, and September was 26 per cent. Exports were down almost 99 per cent in April, and have been gradually recovering since then.
Gross exports for November were 2.48bn, according to new figures from the Gem and Jewellery Export Promotion Council (GJEPC).
But overall gross exports for April to November remain well down on last year - a decline of 44 per cent - reflecting many months of extremely poor sales.
Colin Shah, GJEPC chairman, said: "Manufacturing is returned to almost 90 per cent as rough diamond imports witnessed 69% growth in October.
"Considering the encouraging market demands and the current rate of growth, the sector is expected to record exports to pre Covid level numbers in the last quarter."
Generic pic shows diamond polishing in India