India’s Polished Diamond Exports Continued to Surge in May

India exported $1.28 billion worth of polished diamonds in May, a 32.5 percent year-over-year increase. In volume, exports rose 27 percent to 3.4 million carats, averaging $376.76 per carat.

According to provisional data released by the GJEPC, in the first two months of the fiscal year, exports increased 37 percent in value when measured in dollars. By Rupee, exports rose 28.4 percent year-over-year.

The country imported $482 million worth of polished a sharp 71 percent rise over May 2007. This can be explained be the growing local market as well as growing retuned goods from the U.S. market.

International gold jewelry trade was also on the upswing. Exports of $417 million were a handsome 15.6 percent growth over the previous year, while imports were slashed by nearly half to $22 million from $40.5 million a year ago.