India Polished Exports Fall 35% in February
March 15, 09 by Edahn Golan
India exported $872.92 million worth of polished diamonds in February, a 34.9 percent year-over-year decline in U.S. dollars. In Indian rupees, the value of exports declined 19.5 percent. India exported 2.82 million carats during the month, a 17.1 percent decline, according to provisional data released by the Gem and Jewellery Exports Promotion Council (GJEPC).
The decline in India’s polished diamond exports reflects the weak economic situation in the U.S., the main destination for India’s polished exports.
The average value of exports stood at $309.55 per carat (p/c), down nearly 21.5 percent compared to February 2008 exports.
Polished diamond imports in February totaled $512.53 million, down 8.52 percent in value. In volume, India imported 1.78 million carats averaging $287.94 p/c.
Gold jewelry exports declined 35.9 percent to $275.11 million while imports fell sharply to $16.46 million from the $30.20 million imported in February 2008.
