India’s polished exports soar in July
Citing continued recovery in major markets, India reported robust polished diamond exports in July, with figures surpassing pre-Covid levels, data from the Gem & Jewellery Export Promotion Council (GJEPC) showed.
Polished exports rose to US$2.26 billion in July this year, up 61 per cent from the same period in 2019.
GJEPC Chairman Colin Shah attributed the growth to continued recovery in the key export markets of the US, China and Hong Kong, as well as restocking of inventories. He also cited renewed consumer sentiment particularly in the US due to a Covid-19 stimulus package of US$1.9 trillion meant to ramp up economic growth.
The council also reported a 27 per cent rise in overall gemstone and jewellery shipments to US$3.36 billion in July.
“With the continued recovery in global markets, rise in disposable income of consumers, and forthcoming festive season at domestic and international markets, we are expecting exports to grow further in the coming months,” added Shah.