India’s overall exports of gems and jewelry slumped by over 82 per cent in April and May as trade was devastated by COVID-19.
Overseas sales amounted to just $568m, said the Gem and Jewellery Export Promotion Council (GJEPC), compared with $3.2bn for the same period in 2019.
Exports of polished diamonds, mostly destined for the USA, were also well down, from $1.8bn to $389m.
“Exports were mainly affected due to lockdown globally. We are seeing demand picking up in China, Europe, and Australia,” said the council’s vice chairman Colin Shah.
“Industry is recovering slowly but surely with all safety norms.”
He said it would recover even faster if credit was more readily available.