Updated: May 4, 2021
In March, India's gross gem and jewellery exports increased by over 78 percent year on year, indicating "remarkable progress."
According to news estimates from trade body Gem and Jewellery Export Promotion Council, foreign sales took a big hit for the majority of the fiscal year just ended, but have recovered substantially in the three months since January (GJEPC).
As a result of the global Covid pandemic, overall exports dropped by more than 28% last year.
However, they increased by 12.73 percent in the final quarter of the fiscal year (January to March).
Polished diamond exports fell by a little more than 12% to $16.4 billion last year. Gold jewellery did much worse, losing about 60% of its value. Polished lab growns increased by over 67 percent to $704 million.
The GJEPC chairman, Colin Shah, called the Q4 development "remarkable." “While FY 2020-2021 was an exceptional year, the industry has shown resilience, adapted to the new standard, and strived to achieve export recovery in the second half of the year,” he said.