Vaccination increase to help push growth of gems, jewellery sector: GJEPC

Curbs imposed by states to rein in the second wave of the pandemic has impacted the domestic business of the gems and jewellery sector in the current fiscal year, but it is expected to revive soon with expansion in vaccination coverage, GJEPC said on Monday.

Gem and Jewellery Export Promotion Council (GJPEC) Chairman Colin Shah said with a meagre export turnover of USD 2.51 billion in September last year, the sector managed to achieve a turnover of USD 3.42 billion in March this year.

He also said banks have increased credit to the sector by 15 per cent to Rs 62,700 crore in March from Rs 54,600 crore in July last year.

"Increase of credit to the industry from banks is the result of pragmatic decisions taken by the industry during the pandemic," Shah said.

He also said the sector is witnessing robust demand from the international markets as the pandemic is said to be contained in China, and the US has inoculated about 40 per cent of its population.

"Various government schemes including extension of the interest equalisation scheme, positive changes in definition of MSME, emergency credit guarantee schemes, restructuring and other relaxations given to the export and manufacturing sector have supported the recovery of business post September 2020," Shah said.