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RAPAPORT... India's polished diamond exports plummeted 18.6 percent year on year to $1.92 billion in August 2014, according to provisional data provided by the Gem & Jewellery Export Promotion Council. By volume, polished diamond exports fell 19.4 percent to 2.9 million carats. Polished imports fell 2.6 percent $511 million, leaving net exports of $1.409 billion compared with $1.398 billion one year ago. Rough diamond imports jumped 26.8 percent to $864 million in August, while rough exports fell 14.1 percent to $116 million, leaving net imports of $748 million, up from $547 million one year earlier. India's net diamond account, reflecting the difference between net exports and net imports, decreased to $661 million compared with $851 million one year earlier. Rough synthetic stone imports during the month increased 35.4 percent $6.5 million and polished synthetic stone imports fell 38.8 percent to $3.8 million. In terms of diamond trading for the first eight months of the calendar year, Rapaport News calculated that India's polished diamond exports fell 3.8 percent year on year to $13.897 billion, while polished imports dropped 8 percent to $4.511 billion. Net polished exports fell 1.7 percent to $9.386 billion. Meanwhile, rough imports increased 9.6 percent to $12.069 billion, while rough exports contracted 20.7 percent to $1.037 billion, leaving net imports of $11.032 billion compared with $9.705 billion one year ago. India's net diamond account for the January through August period recorded a deficit of $1.646 billion compared with a deficit of $158 million in 2013.
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