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India's Diamond Trade Sees Substantial Growth

Nov 22, 2016 5:09 AM   By Rapaport News
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RAPAPORT...
India’s polished diamond exports jumped 37 percent year on year to $2.52 billion in October, according to provisional data provided by the Gem & Jewellery Export Promotion Council. By volume, polished exports declined 9 percent to 3.3 million carats. Polished imports slumped 31 percent to $195.8 million, leaving net polished exports 49 percent higher at $2.32 billion.

Rough diamond imports grew 17 percent to $1.26 billion and rough exports advanced 51 percent to $100.5 million, leaving net rough imports 15 percent higher at $1.15 billion. India’s net diamond account, calculated as the difference between net polished exports and net rough imports, more than doubled to $1.17 billion from $549.6 million a year ago.

During the month, India imported $6.8 million worth of rough synthetic stones, most of them diamonds. Polished synthetic imports, meanwhile, totaled $7.1 million and exports were $13 million.

In terms of diamond trading for the first 10 months of the calendar year, Rapaport News calculated that India’s polished diamond exports increased 6 percent to $19.43 billion, while polished imports slumped 23 percent to $2.32 billion. Net polished exports jumped 12 percent to $17.1 billion.

Rough imports rose 22 percent to $14.03 billion, while rough exports climbed 27 percent to $1.23 billion, leaving net rough imports 22 percent higher at $12.8 billion. India’s net diamond account for the January through October period declined 9 percent to $4.3 billion.
Tags: diamond trading, exports, GJEPC, imports, imports and exports, India, mumbai, polished exports, Rapaport News, Surat, trade data
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