'Bank finance to gems, jewellery sector down 10%'

“Bank finance is the life line of the industry and any decrease would see a decline in gems and jewellery exports,” it said in a statement.


There has been at least 10 percent decline in bank finance to the gems and jewellery sector which will adversely impact India’s exports, GJEPC today said. The Gem and Jewellery Export Promotion Council (GJEPC) said dip in financial support would impact the sector’s exports by about 10 percent in 2018-19.

“Bank finance is the life line of the industry and any decrease would see a decline in gems and jewellery exports,” it said in a statement.

The exports declined to 8.84 percent during April - June 2018 to $10.1 billion compared to $11.1 billion in the same period last year.

GJEPC Chairman Pramod Agrawal said they are taking all efforts to self-regulate and instil confidence amongst key stakeholders through a slew of reforms.

“The industry is witnessing a crisis of sorts as the banks have curtailed lending to the traders and demanding collateral security and extensive documentation,” he said.

This content was originally published here.


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