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Even before the Covid-19 pandemic hit the markets, the gems and jewellery industry was reeling in FY20 due to declining demand from export markets and adverse exchange rates.
Higher customs duty and stricter customs inspection procedures added to the trade woes. The industry also faced a working capital crunch with lower availability of bank credit. The spread of Covid-19 in key export markets has created further hurdles for the industry.
Exports and imports, which were already suffering in FY20,
received a further blow with pandemic-imposed restrictions affecting movement of goods and people
Diamonds still hold the lions share in exports…(in FY20)
...despite a sharp decline through FY20
CPD: Cut and Polished Diamonds
Bank credit outstanding to the industry has been declining.
Issues in the sector will persist even after the lockdown is lifted, says CARE Ratings (₹ crore)
Source: Care Ratings, Gem and Jewellery Export Promotion Council,RBI
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