With the improvement in export market conditions, the Gem and Jewellery Export Promotion Council of India (GJEPC) on Monday said if the current pace continues the total shipments are expected to reach around Rs 1.6 lakh crore (USD 20-21 billion) in this financial year. "If the current pace of exports continues to be around USD 2-2.5 million every month, then we'll end the year between USD 20-21 billion," GJEPC Chairman Colin Shah told reporters at a virtual press conference.
He further said exports have slowly been improving as, during September, the total shipment was down 26.45% compared to the same month last year, while in October it narrowed to 19% and in November the decline was recorded at just 3.88%. "We have been extremely aggressive in the last 3-4 months during this pandemic times in taking various initiatives, especially on the digital front. Our virtual buyer-seller meets and the India global connects that we've been doing every fortnight. They've really helped in not only connecting the entire trade together but also in boosting business," he added.
Several government measures, including the extension of time limit for export credit available on the gold loan, on interest subvention, the extension of the moratorium on interest and EMI payments, the real classification of MSME, among others have helped the industry get back on its feet, Shah stated.
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