Banks Provide More Time for Loan Repayments to Diamond Exporters
Indian banks are adjusting to the spread of coronavirus, and according to a report in Diamond World, are allowing diamond exporters “time concessions on bank repayments”.
The announcement was given by India’s Gem & Jewellery Export Promotion Council (GJEPC), promising that diamond companies “will get more time to repay loans they take to fund overseas shipments”. The global spread of coronavirus has damaged “exporters’ ability to recover payments from customers has suffered in the past two months”. China and Hong Kong, hit hard by the virus early on, “account for about a third of orders” from India.
Further data from GJEPC shows that polished diamond exports from India to all markets fell 41% to $1.38 billion in February. While the Bharat Diamond Bourse has asked its member companies to reduce their staff headcount by 50%, the Surat Diamond Association adopted health precautions to keep the polishing industry open and operational.