Mumbai: The Gem and Jewellery Export Promotion Council of India (GJEPC) earlier on Monday expected that the total shipments may reach Rs. 1.6 lakh crore in this financial year. GJEPC made this statement as the industry is witnessing improvement in the market conditions.
GJEPC Chairman Colin Shah during the virtual press conference quoted, “If the current pace of exports continues to be around USD 2-2.5 million every month, then we’ll end the year between USD 20-21 billion.” Further, he also said that during September, the exports are reviving slowly. The total shipment was down 26.45% as compared to the Month last year. However, the amount narrowed in October to 19% and in November the decline reduced to 3.88%.
He also said, “We have been extremely aggressive in the last 3-4 months during this pandemic times in taking various initiatives, especially on the digital front. Our virtual buyer-seller meets and the India global connects that we’ve been doing every fortnight. They’ve really helped in not only connecting the entire trade together but also in boosting business.”
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Shah also stated that with the help of many government measures, the industry was able to revive after the nationwide covid lockdown. The manufacturing is now coming back to normalcy. He said, “we’re already all back at 85-90 per cent level, and the 10 per cent which hasn’t come back is only because of COVID-19 or certain lockdowns that are still prevalent in certain areas of the country.”
