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Gems and jewellery export likely to decline by 20-25% in FY21: GJEPC

19 Oct 2020 Evaluate

The Gem and Jewellery Export Promotion Council of India (GJEPC) in its latest report has stated that the gems and jewellery export is likely to decline by 20-25 per cent this fiscal year (FY21) compared to 2019-20 due to the disruptions caused by the COVID-19 pandemic. During 2019-20, the exports stood at Rs 2,52,249.46 crore.

GJEPC chairman Colin Shah said ‘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.

Due to the pandemic, GJEPC went virtual for Virtual India International Jewellery Show (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. IIJS Virtual 2020 also generated an estimated business of over Rs 1,000 crore.