India Net Polished Diamond Exports: $484.5 Million in August

India's gross polished diamond exports totaled of $1.08 billion in August

A year after one of the worst economic meltdowns burst on the global arena, its affects on the Indian diamond industry is clear. India’s net polished diamond exports in August totaled $484.49 million on net shipments of 1.79 million carats. This compared to $824.75 million in polished goods, exported in August 2008, at the cusp of the crisis.

The 41.3 percent year-over-year difference reflects the shrinking consumer demand in the U.S., and stock clearing on the part retailers and wholesalers alike.

India exported a total of $1.08 billion worth of polished diamonds, in August, according to figures released on Tuesday, by the Gem & Jewellery Export Promotion Council (GJEPC). The country shipped out 3.692 million carats, at an average value of $293 per carat.

These exports represent a 12.7 percent month-over-month decline in value, and a 24 percent decline, compared to August 2008, on the eve of the global economic crisis.

Polished diamond imports, weighing 1.93 million carats, totaled $597.25 million in value, a minute 0.2 percent decline from the year earlier.