India’s Polished Diamond Exports Jump

India’s polished diamond exports rose 30 per cent to $2.5 billion in September, according to provisional data provided by the Gem & Jewellery Export Promotion Council. By volume, polished exports declined 4 per cent to 3.2 million carats. Polished imports fell 21 per cent to $184.6 million, leaving net polished exports 38 per cent higher at $2.32 billion.

Rough diamond imports leapt 71 per cent to $1.8 billion, while rough exports more than doubled to $155.1 million from $67.3 million a year ago. Net rough imports grew 67 per cent to $1.64 billion. India’s net diamond account, which is calculated as the difference between net polished exports and net rough imports, declined 4 per cent to $678 million. During the month, India imported $11.2 million worth of rough synthetic stones, most of them diamonds. Polished synthetic imports, meanwhile, totaled $6.6 million and exports were $13.9 million.

In terms of diamond trading for the first nine months of the calendar year, polished exports increased 3 per cent to $16.91 billion, according to Rapaport News calculations. Polished imports slid 22 per cent to $2.13 billion, while net polished exports rose 8 per cent to $14.78 billion. Rough imports jumped 23 per cent to $12.77 billion, while rough exports leapt 25 per cent to $1.13 billion, leaving net rough imports 23 per cent higher at $11.65 billion. India’s net diamond account slumped 25 per cent to $3.13 billion.

Courtesy: Rapaport