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India’s Polished Diamond Exports +4% in March

May 2, 2016 5:26 AM   By Rapaport News
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RAPAPORT... India’s polished diamond exports increased 4.3 percent year on year to $1.83 billion in March, according to provisional data provided by the nation’s Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports surged 25 percent to 3.5 million carats. Polished imports slumped 52 percent to $260.8 million, leaving net polished exports up 30 percent to $1.56 billion.

Rough diamond imports fell 5.3 percent to $1.39 billion and rough exports increased 0.5 percent to $156.3 million, leaving net rough imports 6 percent lower at $1.24 billion. India’s net diamond account, which is calculated as the difference between net polished exports and net rough imports, was positive $328.5 million compared with negative $107.46 million a year ago.

During the month, India imported $4.4 million worth of rough synthetic stones. Polished synthetic imports, meanwhile, were $8.1 million and exports were $7.2 million.

The increase in outbound shipments of polished in March went only so far in restricting a heavy drop in the Indian financial year that ended March 31. Polished exports in the year slid 14 percent to $20 billion, while rough imports dropped 16 percent to $14.05 billion.

“Weak international demand and high rough diamond prices have led to the absence of profitability,” said Praveenshankar Pandya, chairman of the GJEPC.
Tags: GJEPC, imports and exports, India, polished, Rapaport News, rough
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