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Coronavirus outbreak: Exporters of jewellery seek 6-mth extension

Lenders have Rs 40,000 crore of cumulative exposure to the sector

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3 min read Last Updated : Feb 14 2020 | 12:30 AM IST

Faced with around $2 billion of payment receivables stuck with jewellery importers in China due to the coronavirus outbreak, the Gems and Jewellery Export Promotion Council (GJEPC) has sought a six-month extension in credit from lenders.

Currently, the latter grant credit for six months (180 days in trade parlance) on export consignments from India. The trade says this is insufficient at this juncture.

“The Chinese new year (a peak consumption season) was a whitewash in terms of jewellery sales in China as people remained indoors amid fear of virus spread. Shops and factories remained closed for weeks, resulting in receivables getting stuck

Topics : Coronavirus Jewellery exports

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