NEW DELHI: India’s polished diamond exports fell 17 percent to $1.8 billion year on year in October, according to data published by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, exports dropped 16 percent to 3.7 million carats, while the average price of the exports plunged 29 percent to $499.44 per carat.
Polished imports plummeted 53 percent to $282.2 million during the month. As a result, net polished exports, representing the excess of exports over imports, declined 4 percent to $1.6 billion.
India’s rough imports increased 15 percent to $1.1 billion in October and rough exports slumped 38 percent to $66.7 million. Net rough imports, or rough imports minus exports, increased 21 percent to $1 billion.
India’s October net diamond account, representing the excess of total exports of polished and rough over total imports, fell 30 percent to $551.1 million. During the first 10 months of the year, India’s polished exports fell 10 percent to $18.1 billion, while polished imports plunged 51 percent to $2.9 billion. Net polished exports increased 8 percent to $15.1 billion.
India’s rough imports declined 21 percent to $11.5 billion during the 10-month period, and rough exports fell 25 percent to $963 million. Net rough imports decreased 20 percent to $10.5 billion. India’s net diamond account grew more than five-fold to $4.6 billion during the 10-month period.
