NEW DELHI: India’s polished diamond exports increased 1.9 percent year on year to $2.34 billion in February, according to provisional data provided by the nation’s Gem & Jewellery Export Promotion Council. By volume, polished exports increased 8.2 percent to 3.3 million carats. Polished imports dived 45 percent to $222.1 million, leaving net polished exports up 12 percent to $2.12 billion.
Rough diamond imports surged 37 percent to $1.55 billion and rough exports soared 49 percent to $131.8 million, leaving net rough imports 36 percent higher at $1.42 billion. India’s net diamond account, which is calculated as the difference between net polished exports and net rough imports, narrowed 17 percent to $700 million.
During the month, India imported $7.3 million of rough synthetic stones, most of them diamonds. Polished synthetic imports, meanwhile, totaled $9.7 million and exports were $6.4 million.
In terms of diamond trading for the first two months of the calendar year, Rapaport News calculated that India’s polished diamond exports fell 17 percent year on year to $3.38 billion, while polished imports dived 46 percent to $419 million. Net polished exports fell 10 percent to $2.96 billion.
Rough imports in the first two months increased 28 percent to $2.54 billion, while rough exports advanced 23 percent to $238 million, leaving net rough imports 29 percent higher at $2.3 billion. India’s net diamond account for January and February was $664.1 million, a 56 percent drop from $1.52 billion a year ago.
