Polished diamond export falls 22% in 2019-20: GJEPC data

SURAT: At a time when the diamantaires in the world’s largest diamond cutting and polishing centre in Surat are staring at huge losses due to extended nationwide lockdown, the industry has suffered a bloodbath with the 22% decline in the export of cut and polished diamonds in 2019-20.
According to the data published by the Gems and Jewellery Export Promotion Council (GJEPC), the export of cut and polished diamonds in the month of March declined a whopping 49% to $960 million compared to $1.8 billion during the same month in previous year.
However, the cut and polished diamonds during April-March ’20 declined by 22% to $18.66 billion compared to $24 billion in the previous year.
Industry sources said that the impact of the coronavirus on the diamond industry started reflecting from January-2020 due to the weak demand from Hong Kong, China, USA, UAE and UK. Starting from March 25 till the April end, not a single diamond parcel was exported out of the country.
Vice-chairman of GJEPC, Colin Shah said, “The decline in the export reflects the weak demand for gems and jewellery across the globe and that the outbreak of Covid-19 pandemic has cast further gloom.”
Shah added, “Given the potential, the industry needs urgent government attention and a special package to handhold exporters in these difficult times, besides reviving the sentiments of the industry.”
The overall gross export of gems and jewellery declined 43% to $1.8 billion till March of this financial year compared to $3.2 billion during the same month in previous year, GJEPC stated.
Chairman of De Beers sightholder company, Asian Star group, Vipul Shah said, “We don’t really know when the demand would grow from U.S, UK, Europe. At present, there is moderate demand coming from Hong Kong and China. The year ahead looks uncertain for the industry, though we are positive.”