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.