Chennai: Tough diamond imports have witnessed constructive progress in September, after a spot of seven months. Whereas the employment ranges in sprucing items are nonetheless decrease than final yr, import of polished diamonds stays a fear.
The chopping and sprucing trade imported Rs 9905 crore value tough diamonds within the month of September in opposition to Rs 8231 crore value items in the identical month final year- registering a constructive progress of 20 per cent. When it comes to carats too, the imports had been 7.5 per cent larger than the yr in the past month.
Since March imports have been declining. The nation-wide lockdown and the voluntary stoppage of imports by the trade to clear inventories have seen the imports declining for the previous seven months. Even within the month of August imports had been down by 40 per cent.
Easing of lockdown- associated restrictions and enhance in festive season orders has supported the tough diamond import progress in September.
Based on Dinesh Navadiya, regional chairman, Gujarat, Gems and Jewelry Export Promotion Council, the items in Gujarat are working with 70 to 75 per cent staff. Regardless of sprucing exercise recovering to related ranges, imports of polished diamonds are nonetheless persevering with. Import of reduce and polished diamonds in September was 124 per cent larger than the identical month final yr and that by the Particular Financial Zones had been 244 per cent larger. Imports had been larger within the earlier months as properly.
Based on Colin Shah, chairman of GJEPC, jewelry manufacturing in SEZs has been occurring they usually have been procuring uncooked supplies from abroad. The trade expects that going forward the import of polished items will come down with the sprucing exercise selecting up.
In the meantime, the festive season orders have began coming from the important thing markets. “Demand from China and Hong Kong has returned to normal levels. While orders are coming from the US, Europe and the Gulf region, the US demand is still down compared to last year,” he mentioned.
The trade expects the festive season gross sales to be 10 per cent decrease than final yr. “We expect people to spend on gifting items, including jewellery, as they value relationships more after the pandemic. People have not been spending on anything other than food. So they are likely to spend during the festive season,” he mentioned.
Nonetheless, the overall gems and jewelry exports for the yr is predicted to be 20 to 25 per cent decrease than final yr.