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India’s diamond exports plunge 41%

India’s diamond exporters are feeling the ripple effects of the spread of Coronavirus as the polished diamond export from India witnessing its steepest fall this February. There has been a 41% y-o-y dip in India’s diamond exports from INR 16,679 crore to INR 9800 crore, as per the latest report of Gems and Jewellery Export Promotion Council.

GJEPC chairman Pramod Kumar Agarwal told TOI: “This is an an alarming situation for the gems and jewellery sector. This is the biggest monthly fall in the month of February. Export to Hong Kong, China and Italy have been severely affected due to coronavirus outbreak.” He anticipates the situation to cast a dark shadow over diamond exports during March.

China & Italy, the largest manufacturers of diamond-studded jewellery, source majority of their diamonds from India. These two nations have been severely impacted due to the outbreak of this pandemic.