Streets around diamond markets in Mahidharpura and Katargam area in Surat are barricaded with metal roofing sheets amid a surge in Covid positive cases. TOI FILE: Gaurang Joshi
SURAT: Even as several migrant workers have left Gujarat s Surat city due to the Covid-19 surge and anticipation of a lockdown, people associated with the diamond industry claimed the current scenario has had no impact on the trade so far.
According to the Surat Diamond Association, at least 5 lakh workers are employed by 3,000 small and large diamond cutting and polishing units in Surat city.
Majority of workers have migrated here from Saurashtra and north Gujarat, while only 10 per cent are from Uttar Pradesh, Madhya Pradesh and Bihar, said Nanu Vekaria, president, Surat Diamond Association.
Surat: With restrictions on travel due to the pandemic, the demand for certification of diamonds has shot up. The diamond companies are forced to wait for at least two months, as compared to the standard one-month period, to get the certificate.
The delay in getting the certificate sets off a domino effect. It increases the number of days of payment cycle which results in small manufacturers bearing the burden of interest as they have to pay to raw diamond suppliers on time and then wait for almost two months before putting the finished product for sale.
“Since the buyers cannot travel and see the diamonds personally, all are insisting on having certificates. Certain diamonds which are of more than 2 cents or fancy coloured ones are sent to USA and it takes up to three months to get their certification,” said Dinesh Navadiya, regional president of Gem and Jewellery Export Promotion Council (GJEPC). He added that now not only the manufacturer of natural ones, but manufacturers
Gujarat: No impact of COVID-19 on Surat s diamond industry
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Last Updated: Apr 16, 2021, 05:16 PM IST
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Majority of workers have migrated here from Saurashtra and north Gujarat, while only 10 per cent are from Uttar Pradesh, Madhya Pradesh and Bihar, said Nanu Vekaria, president, Surat Diamond Association.
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According to the Surat Diamond Association, at least 5 lakh workers are employed by 3,000 small and large diamond cutting and polishing units in Surat city.
Even as several migrant workers have left Gujarat s Surat city due to the COVID-19 surge and anticipation of a lockdown, people associated with the diamond industry claimed the current scenario has had no impact on the trade so far. According to the Surat Diamond Association, at least 5 lakh workers are employed by 3,000 small and large diamond cutting and polishing units in Surat city.
Gujarat: No impact of Covid-19 pandemic on Surat s diamond industry business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Gems and jewellery exports see decline in FY 2020-21, down by 28%
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Colin Shah, chairman, GJEPC said, “FY 2020-2021 was an exceptional year, yet the industry has shown resilience, adapted to the new normal and strived towards attaining recovery in exports in the second half of the year. Post witnessing a decline in the first three quarters, the gem and jewellery exports have witnessed a remarkable growth of 12.73% in Q4
The financial year 2020-21 witnessed a decline of 28.46% in gem and jewellery exports to US$ 25.31 billion compared with US$ 35.37 billion in the fiscal year 2019-20, as per the data released by the apex body, Gem and Jewellery Export Promotion Council (GJEPC). However, there is a significant increase in the exports witnessed in the last quarter of the financial year ended March 31st 2021, with an increase of over 12.73% as compared to the same period last year.