India’s Polished Diamond Exports Down 46%

India’s export of polished diamonds in November fell nearly 46 percent to $510.41 million, one of the sharpest year-over-year declines in the diamond center’s history, according to provisional data published by the Gem and Jewellery Export Promotion Council.

India exported 1.68 million carats during the month, compared to 3.1 million carats exported in November 2007, a 45.8 percent decline. The average value of exports declined by less than a dollar to $303.82 per carat from $304.68 p/c.

Polished diamond imports during the month rose 18.7 percent to $449.63 million. This is possibly a result of a large volume of returned goods. In volume, 1.171 million carats were imported, compared to 1.022 million carat the year before, averaging $383.97 p/c.