RAPAPORT... India's polished diamond exports fell 11.2 percent year on year to $1.852 billion in July, according to provisional data provided by the Gem & Jewellery Export Promotion Council. Polished diamond imports declined slightly, by 0.9 percent, to $634 million, leaving net exports 13.9 percent lower at $1.218 billion.
India's rough diamond imports increased 14 percent to $1.912 billion and rough diamond exports were flat at $140 million, leaving net imports of $1.772 billion compared with $1.535 billion one year earlier. India's net diamond account, factoring total exports less imports, recorded a deficit of $554 million compared with a deficit of $120 million in July 2013.
Synthetic stone exports in July totaled $5.9 million, while rough synthetic stone imports were at $5.4 million and polished synthetic stone imports totaled $17.5 million.
In terms of diamond trading for the first seven months of 2014, polished exports declined 4.4 percent year on year to $11.977 billion, while polished imports fell 8.6 percent to $4 billion, according to Rapaport News calculations. Net polished exports were reduced 2.1 percent to $7.977 billion.
Rough imports have risen 8.5 percent to $11.205 billion, while rough exports fell 21.5 percent to $921 million, leaving net imports 12.3 percent higher at $10.284 billion. With less in polished exports and a higher amount of rough imports, India's net diamond account for the first seven months of 2014 recorded a deficit of $2.307 billion, compared with a deficit of $1.009 billion one year earlier.