SURAT: For the first time, export of gems and jewellery from Surat Hira Bourse (SHB) has increased to 650% compared to the previous year.
According to the figures provided by the SHB, export of polished diamonds was US$994 million between April and December 2020 compared to US$154 million during the same period in the previous year.
Talking with TOI, CEO of SHB, KK Sharma said, “This is first time in the last many years that the export has increased to over 650%, that too during the coronavirus pandemic.”
Sharma that the pandemic and travel restrictions spurred the demand in some quarters like diamond engagement ring category in the US, China and Europe. “China and the US, which accounts for about 70% of the diamond jewellery demand, have shown double-digit growth,” he added.
Industry experts said that in the countries like the US, the Europe and China, people have cash to spend due to the restrictions on travel. The customers have cash in hand and the first option is to purchase diamond-studded and gold jewellery as part of the safe investment for celebrating anniversaries, weddings, engagements or any other occasion during the Christmas season.
Rakesh Gandhi, a diamond exporter said, “We exported about Rs 100 crore worth of diamonds from the SHB since April 2020. Customers have dispensable cash to spend as they could not travel during the pandemic and so, now they are expected to spend more on jewellery as an investment option too.”