Gems, jewellery exports may contract 20-25%; growth expected by FY22: GJEPC
Mumbai: The gems and jewellery export is expected to decline by 20-25 per cent this fiscal year compared to 2019-20 due to the disruptions caused by the COVID-19 pandemic, GJEPC said on Saturday.
During 2019-20, the exports stood at Rs 2,52,249.46 crore, according to data provided by the Gem and Jewellery Export Promotion Council of India (GJEPC).
We expect the exports to witness a decline of 20 25 per cent in 2020-21, compared with last year. With demand improving gradually, we should be at our 2019-20 levels next year. Growth will come back only maybe by 2021-22, GJEPC chairman Colin Shah said at the virtual press conference about the closing of 5-day Virtual India International Jewellery Show (IIJS).
Due to the pandemic, GJEPC went virtual for IIJS 2020, which commenced on October 12, transforming the physical show into a complete virtual experience for exhibitors as well as domestic and global visitors.
The event had over 330 exhibitors, and over 10,000 buyers visited the show. Besides, 9,900 meetings were conducted and visitors registered from the US, UK, UAE, Qatar, Singapore, Bangladesh, Nepal, Oman, Pakistan, Hong Kong, Italy, Egypt, Belgium, Turkey, Sri Lanka, among others participated in the show.
IIJS Virtual 2020 also generated an estimated business of over Rs 1,000 crore.
The Virtual IIJS 2020 was very important for our industry, as the COVID-19 lockdown from March to September has been extremely difficult for business, both exports as well as domestic, manufacturing and retail. This last week brought about that positivity and became a turning point again in this year. A great amount of optimism has come into the industry again from the disconnect between buyers and exhibitors over the last two quarters.
This became an event where I guess everyone came together, Shah added.