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India's March Polished Diamond Exports -47%

Apr 19, 2012 6:10 AM   By Dilipp S Nag
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RAPAPORT... India's March polished diamond exports declined 47 percent year on year to $2.117 billion, ‎according to provisional data provided by the Gem & Jewellery Export Promotion Council ‎‎(GJEPC). By volume, polished exports fell 52 percent to 4.264 million carats during the month.

Polished imports dropped 73 percent to $898.9 million by value and by 68 percent when ‎measured by volume to 2.110 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 new policy ‎aimed at curbing round-tripping of ‎diamonds – the practice of re-importing stones to procure ‎additional bank financing by using ‎them as new export transactions.

‎"We are happy that keeping with the government objective of reducing the trade deficit, ‎imports of cut and polished diamonds have dipped [following] the introduction of [the] 2 ‎percent import duty on cut and polished diamonds in mid-January 2012,” Rajiv Jain, GJEPC ‎chairman, said at a press conference in Mumbai.  

The council said that the total import of polished diamonds may fall further this year.

‎“However, an increase in import figures of rough diamonds indicates stable growth of trade at ‎the manufacturing level and a growth in exports," Jain said.

The country’s net polished exports, representing the excess of exports over imports, rose 92 ‎percent to $1.219 billion in March.

Rough diamond imports rose 23 percent to $1.459 billion during the month, while rough ‎exports increased 26 percent to $229.2 million. India's net rough imports, or imports less ‎exports, rose 23 percent to $1.230 billion.  

India's March net diamond account -- the total of polished and rough exports less the total of ‎polished and rough imports -- registered a deficit of $10.9 million, compared with a deficit of ‎‎$365.8 million one year ago.

For the first three months of 2012, India's polished diamond exports fell 42 percent to $5.334 ‎billion, while polished imports declined 71 percent to $2.320 billion. Rough imports were up 18 ‎percent to $3.884 billion and rough exports rose 18 percent to $490 million.  

India's net diamond account for the January to March period registered a deficit of $380.5 ‎compared with a deficit of $1.593 billion one year ago.  

Jain said that the trend in the current quarter is positive and will help India achieve higher ‎value addition and maintain its trade balance in the months to come.‎
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Tags: diamonds, Dilipp S Nag, Duty, exports, Gem & Jewellery Export Promotional Council, GJEPC, imports, India, Polished Diamonds, Rapaport, Rough Diamonds
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