Post-Covid Implications on Jewellery Industry and Challenges
The COVID-19 pandemic has shaken the whole world’s economy and so the industries like gems and jewellery. The lockdown period was disastrous and shattering for the businesses and they passed with huge losses. Most start-ups went failed due to unpredictable periods of social-distancing norms. Many events like weddings, exhibitions, shows etc got postponed and hence jewellery industry also moved to a major setback. Top jewellers near me have faced the historical setback in their business. How has COVID-19 impacted the Gems and Jewellery Business? The lockdown period has created a lot of uncertainties in the business world. As a result, the export rate in gems and jewellery declined by 11.32% during Dec 2019-March 2020. From April 2020 to February 2021, a decline of 34.58% was noticed in the net gross exports of Gems and Jewellery in comparison to the previous year. This huge deficit has to be covered in the upcoming year by making the right business strategy as per the current market