Diamantaires stare at decade-low revenue as Covid epicentre shifts to US

Stretched receivables, financial concerns have tightened the grip over the industry

With the epicentre of the Covid-19 pandemic shifting from China to the US and Europe, the major export destinations of India's beleaguered diamond polishing industry, the latter's revenue in fiscal 2021 could plunge to a 10-year low, says rating agency Crisil.

Currently Diamond processing units are awaiting the financial package from banks without which they will not be in a position to reopen their units even if the lockdown is lifted. “The industry awaits stimulus from banks amid the trying scenario,” said Colin Shah, vice chairman of Gems and Jewellery Export Promotion Council (GJEPC), adding that the industry expects revenue to