India: Polished Exports Slide, Rough Imports Soar

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India: Polished Exports Slide, Rough Imports Soar

India’s exports of polished diamonds slid again during December, but rough imports soared, as expected, after the two-month voluntary ban.

Foreign sales during the month fell almost 22 per cent to just $862m compared to $1.1bn in November, according to new figures from the GJEPC (Gem and Jewellery Export Promotion Council).

Exports were $1.26bn in October and $1.67bn in September.

Rough imports were $1.31bn, compared with just $314m in November, as many manufacturers stopped buying in order to kickstart prices, a strategy that is widely seen as having worked.

Overall gross exports of all gems and jewelry fell by 9 per cent during December to $2.19bn. That’s a bigger fall than the 7 per cent in November.

Vipul Shah, GJEPC chairman said: “The suspension has also resulted in a positive impact on the prices of polished diamonds over the past two months.

“We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry.”

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.