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India's Polished Diamond Exports -35% in April

May 21, 2012 5:41 AM   By Dilipp S Nag
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RAPAPORT... India's polished diamond exports fell by 35 percent year on year to $1.334 billion in April, the fourth straight monthly decline this calendar year, ‎according to provisional data provided by the Gem & Jewellery Export Promotion Council ‎‎(GJEPC). By volume, polished exports fell 55 percent to 2.251 million carats during the month.

Polished imports dropped 76 percent to $355.4 million by value and by 68 percent when ‎measured by volume to 1.188 million carats. India’s polished imports have reduced significantly since the country imposed a 2 ‎percent ‎import duty on cut and polished diamonds from January 17, 2012.

The country’s net polished exports, representing the excess of exports over imports, rose 82 ‎percent to $978.8 million in April.

Rough diamond imports rose 20 percent to $1.581 billion during the month, while rough ‎exports increased 21 percent to $115.3 million. India's net rough imports, or imports less ‎exports, rose 20 percent to $1.466 billion.

India's April net diamond account -- the total of polished and rough exports less the total of ‎polished and rough imports -- registered a deficit of $486.7 million, compared with a deficit of ‎‎$680.4 million one year ago.

For the first four months of 2012, India's polished diamond exports fell 41 percent to $6.668 ‎billion, while polished imports declined 72 percent to $2.675 billion. Rough imports were up 18 ‎percent to $5.465 billion and rough exports rose 19 percent to $605.3 million.

India's net diamond account for the January to April period registered a deficit of $867.1 million ‎compared with a deficit of $2.274 billion one year ago.
Tags: diamonds, Dilipp S Nag, Duty, exports, Gem & Jewellery Export Promotional Council, GJEPC, imports, India, Polished Diamonds, Rapaport, Rough Diamonds
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