According to provisional data from the Gem & Jewellery Export Promotion Council, India’s polished diamond exports declined 15 per cent to $1.32 billion year-on-year in November. By volume, polished exports dropped 16 per cent to 2.2 million carats.
Additionally, polished imports plummeted 72 per cent to $147.4 million, leaving net exports (polished exports minus imports) 14 per cent higher at $1.17 billion.
Conversely, rough diamond imports plunged 60 per cent to $624.9 million, while rough exports slumped 34 per cent to $62.1 million. This left net imports 61 per cent lower at $562.8 million. As a result, India’s net diamond account—the difference between net polished exports and net rough imports—increased from negative $422 million in November 2014 to positive $612.1 million this year.
Rapaport News found that for the first 11 months of the calendar year, India’s polished diamond exports declined 10 per cent year-on-year to $19.42 billion, while polished imports fell 53 per cent to $3.13 billion. Net polished exports increased 8 per cent to $16.29 billion.
Additionally, rough imports dropped 25 per cent to $12.08 billion, while rough exports decreased 26 per cent to $1.03 billion, leaving net imports 24 per cent lower at $11.05 billion. India’s net diamond account for the January through November period soared to $5.24 billion, as compared with $389 million one year earlier. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
