Indian Diamond Exports Bounce Back to pre-COVID Levels in November 2020

Following the devastating effects of the lockdowns that brought the gem and jewelry industry to a virtual standstill during the first half of 2020, the Gem and Jewellery Export Promotion Council (GJEPC) of India reports a bounce back of the industry, reaching pre-COVID levels in November and December, 2020, as demand picked in all major markets, with jewellery becoming the highest selling luxury product in China in 2020 and the unprecedented demand for jewellery created in the US in November in anticipation of the Thanksgiving Day falling on November 26, 2020.

According to GJEPC Chairman Colin Shah, Thanksgiving Day spending in the US rose by nearly 22% year-on-year to USD 5.1 billion, hitting an all time record. In November 2019, India exported diamonds worth US$ 620 million. In November 2020, exports almost doubled, reaching more than US$ 1.1 billion, a jump of 92% year-on-year, the GJEPC reported.

An optimistic GJEPC Chairman, feels that in a couple of months down the line, there will be more stable economic activities across the world, which will further boost the gem and jewellery sector’s growth.

According to Dinesh Navadiya, regional GJEPC Chairman, “After suffering from lockdowns and reduced operational capacity for months, due to the COVID-19 pandemic, Surat’s 7,000 manufacturing units took only a five-day break for Diwali last month, buoyed by demands for Christmas and the Chinese New Year coming up in February 2021. After the COVID-19 lockdown, the diamond industry is now getting back on track, beginning from November, 2020.”

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