Work in special economic zones in Jaipur & Surat partially begins

As the government eased lockdown in parts of India early this week, the diamond industry sees some light at the end of the tunnel. According to a report by the GJEPC, a handful of manufacturing units have started their operations in Surat and ten shipments were exported to Hong Kong from Surat Hira Bourse last Wednesday. 

The Times of India (ToI) reported that one of the shipments belonged to one of the biggest diamond manufacturers in India and is worth Rs 2 billion. Later, ToI also reported that another shipment worth Rs 3 billion was shipped to Hong Kong via Mumbai. In Mumbai however, as lockdown restrictions continue, the GJEPC has been having discussions with the concerned authorities to start resuming work in SEEPZ SEZ and GJEPC estimates that around 30 per cent of India's annual exports are awaiting to be executed. 

In Jaipur, a handful of manufacturing units have commenced work in SEZ and EPIP late April and export parcels have already been dispatched. Meanwhile, stakeholders are in a financial rut as prices of polished diamonds has dropped by 10-15 per cent since Covid-19. Though rough import prices have also dropped, the rupee has depreciated tremendously causing them to face payment challenges.