|
|
India's Polished Diamond Exports -47% in July
Sep 3, 2012 1:50 AM
By Dilipp S Nag
|
|
|
RAPAPORT... India's polished diamond exports fell by 47 percent year on year to $998 million in July, according to provisional data provided by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports fell 45 percent to 2.482 million carats during the month. Polished imports, meanwhile, dropped 82 percent to $264.5 million by value.
India’s diamond trade has declined significantly since the government imposed a 2 percent import duty on cut and polished diamonds effective January 17, 2012 in order to curb round-tripping, the practice of re-importing stones to procure additional bank financing by using them as new export transactions.
However, the country’s net polished exports, representing the excess of exports over imports, rose 64 percent to $733.5 million in July.
Rough diamond imports fell 36 percent to $1.202 billion during the month, while rough exports declined 43 percent to $83 million. India's net rough imports, or imports less exports, fell 36 percent to $1.120 billion.
India's July net diamond account -- the total of polished and rough exports less the total of polished and rough imports – recorded a deficit of $386 million, compared with a deficit of $1.296 billion one year ago.
During the first seven months of 2012, India's polished diamond exports fell 41 percent to $10.361 billion, while polished imports declined 76 percent to $3.405 billion. Rough imports were down 6 percent to $8.984 billion and rough exports fell 5 percent to $918 million.
India's net diamond account for the January to July period registered a deficit of $1.111 billion, compared with a deficit of $5.144 billion one year ago.
|
|
|
|
|
|
|
|
|
|
Tags:
diamonds, Dilipp S Nag, Duty, exports, GJEPC, imports, India, Polished Diamonds, Rapaport, Rough Diamonds
|
|
|
|
|
|
|
|
|
|
|
|
|