India’s gems and jewellery exports in May 2021 declined by 5 per cent to Rs 21,188 crore (USD 2.89 billion) compared to the same month in pre-pandemic 2019, due to the disruptions caused by the second Covid wave across the country, according to the Gem and Jewellery Export Promotion Council (GJEPC). In 2019, the overall gem and jewellery exports in May stood at Rs 22,388 crore (USD 3.20 billion), according to the GJEPC data. India’s gem and jewellery exports in May 2021 slipped into negative territory due to the severe disruption in manufacturing activity caused by the outbreak of the second Covid wave across the country, the GJEPC said in a statement. The mix of partial and complete lockdowns in different states led to limitations on workforce capacities and related manufacturing activities, it added.
However, gems and jewellery exports grew by 4 per cent during April and May 2021 to Rs 46,414.38 crore (USD 6.31 billion) compared to the same months during the pre-pandemic year in 2019. India’s April-May 2021 export growth was driven mainly by the Domestic Tariff Area (DTA), which witnessed a 15 per cent growth in exports compared with the 31 per cent decline in exports recorded from Special Economic Zones (SEZs), it added. “The revival of exports has happened due to the opening of international markets, resurgent demand and strong unstinted support from the Government on various issues.