Good news for jewellery exporters as banks revise financing norms

Gem and jewellery exporters might see better news when the next financial year’s assessments for financing them are finalised.

In the year since the Nirav Modi fraud came to light, all banks having tightened their financing to the sector; many had their lending limits cut.

Now, says Colin Shah, vice-chairman of the Gem & Jewellery Export Promotion Council, the body has been able to convince State Bank of India, largest financier to the sector, that the working capital (the major chunk of cost) limits will be dollar-based.The background is the rupee's depreciation during the year of a