RAPAPORT... India exported $1.450 billion worth of polished diamonds in June, a 35 percent year-on-year decline. Polished diamond imports plunged 85 percent to $271 million, according to provisional trade data provided by the Gems & Jewelry Export Promotion Council (GJEPC). Net polished diamond exports for the month totaled $1.179 billion compared with $462 million one year ago.
Rough imports fell 26 percent year on year to $1.182 billion in June, while exports dropped 26 percent $113 million. Net rough imports also declined by 26 percent, to $1.069 billion.
India's net diamond account in June, reflecting the difference between net exports and net imports was $110 million, compared with a polished export deficit of $976 million in June 2011.
During the first six months of 2012, India recorded polished exports of $9.363 billion and polished imports of $3.141 billion, leaving net exports of $6.222 billion compared with $2.89 billion one year ago. Rough imports totaled $7.782 billion, while rough exports were $835 million, leaving net rough imports of $6.947 billion or about the same as one year ago.
India's net diamond account for the first six months of 2012 held at a polished export deficit of $725 million, which was a vast improvement from a deficit of $3.94 billion one year ago.