Diamond World (DW) November- December 2020

Special Feature
Exports are down. We are getting enquiries from clients.
Clients aren’t able to visit and examine the jewellery in real
time and so we are not able to convert clients into that many
actual sales. We aren’t too comfortable with conducting
business virtually, but the first quarter of 2021 will be good
ashish Kotawala, GDK Jewels Pvt Ltd
Covid19 has had an impact on
global business and thereby
Indian economy has suffered
huge losses. The gems and jewellery
business is trying its best to book best
profits – and work doubly hard to rise to
its pre-Covid profit levels.
a Good November
Exports of gems and jewellery from
India, which polishes about 90 per cent
of the world’s rough diamonds, showed
a sharp recovery in November. This
has undoubtedly provided relief to an
industry inflicted by the coronavirus
pandemic. Overseas shipments fell
about 4per cent from a year earlier to
$2.48 billion, compared with a 99per
cent plunge at the start of the financial
year in April, according to the Gem &
Jewellery Export Promotion Council. It
was also milder than the 19per cent to
40per cent decline in the prior three
months. However, from November, as
many as 90per cent of the industry’s
workers have come back as business
has recovered in the key manufacturing
cities of Surat, Jaipur and Mumbai.
Still, the industry is not out of the
woods and business is expected to
come back to its pre-Covid level only
once there is a successful vaccine in
place. The Indian government needs to
reduce import taxes on cut and polished
diamonds and precious metals to aid
the recovery. Exports during April to
November were 44per cent lower at
$11.43 billion, and India may ship as
much as $9 billion over the remaining
months of the financial year. That would
result in exports for the year falling by
as much as 31per cent from a year ago.
Good run for Small-ticket
Diamond Jewellery
Especially at a time when the whole
world has been affected by the pandemic,
key concern for the governments of all
countries is healthcare and preventing
spread of the virus. Owing to which
every country outdid itself in imposing
travel bans including cargo flights as
well.
This has adversely affected exports
of diamonds all over the world. Informs
Ashish Kotawala of GDK Jewels
Pvt Ltd,“Exports are down. We are
getting enquiries from clients. We
do preliminary work over whatsapp
and videocalls. We are into high end
jewellery. Clients aren’t able examine
jewellery in real time and so we are
not able to convert clients that many
DiamonD WorlD | November-December 2020 | 51