Erosion in the US and Europe has hit the country's diamond industry hard

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Mumbai, Ta. Ta. Wednesday, April 29, 2020

The current fiscal year's revenue for the country's diamond industry, which has shifted its focus from China to the US and Europe, is expected to be at a decade low. The US and Europe are major export hubs for India's diamond polishing industry. Diamond processing units are waiting for a financial package from banks without which they are not in a position to restart their units. Even if the lockdown is lifted, the units cannot be reopened without financial support, said an official of the Gems and Jewelery Export Promotion Council.

The impact of the coronavirus is expected to reduce the industry's revenue by 3 to 4 per cent in the current financial year. Although some states, especially Gujarat, have been allowed to open processing units, operations have not started in the units. Currently, there are concerns over whether the industry will survive in the short term.

The number of outstanding loans of banks to the gems and jewelery sector declined by 19.20 per cent in February 2020. In February last year, the number of outstanding loans had increased by 4.50 per cent. Banks have been on high alert for the gems and jewelery sector since FY2050 due to the global recession and storms in Hong Kong, a banker said. The lockdown has raised concerns in the industry. In the current financial year, the diamond polishing industry's revenue fell to ૩ 12-13 billion, a decade-low, according to ratings agency Crisil. The industry's revenue was ૨૪ 6 billion in FY18, while the figure is expected to be ૯ 15 billion in the financial year ended.

About 2% of India's polished diamond exports go to the US and Europe. In February, exports fell by 21 per cent year-on-year.

Exports of luxury items such as diamonds, jewelery and watches to China and Hong Kong also declined by 5 per cent in February.

The industry is expected to return to normal as Corona's impact eases after June. Crisil expects demand to improve in the last six months of the current financial year. Inventory levels rose 15 to 20 per cent in the March quarter.

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