25 Jun 2022
DiamondWorld Directory
Home |
COVID-19: India''s diamond exports could shrink by a fifth
India''s diamond exports could shrink by a fifth to $19 billion by the end of fiscal 2021 from $24 billion in fiscal 2019, as the novel coronavirus (n-CoV) outbreak amplifies sluggishness in global demand, said Crisil
By: Diamond World News Service
Mar 4 2020 12:02PM
Reference: 24792  


The rating firm said that in the first nine months of this fiscal, India''s total diamond exports by value were down 18 per cent year-on-year.

"About 40 per cent of these exports are to Hong Kong, which has seen dysfunctional local markets over the past year or so. Moreover, there has been no diamond exports to the island since January 15 this year," it said.

Subodh Rai, Senior Director, CRISIL Ratings, said: "Exports would continue to fall in the closing quarter of this fiscal, which typically accounts for roughly a third of India''s exports to the south-east Asian region."

Besides, Crisil said that the n-CoV impact couldn''t have come at a worse time for an industry that has been buffeted by tepid demand, declining realisations, and the ongoing political conflict in Hong Kong.

Even if the n-CoV outbreak is contained in the next two months, trade normalcy and demand uptick from Hong Kong is unlikely before the middle of next fiscal.

Consequently, exports next fiscal would remain down or be at best flat because any traction in the second half would be offset by the weak first half, the report added.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
Search News by City
Recent Issue
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 30998
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 8051
GJEPC Chairman Interview
Views: 27196
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 37735
Promo for IJ Awards 2012 at NDTV Profit
Views: 51747
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 65394
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21135
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 49573
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 50959
Member of:
Supporter of: