Turnaround in India’s Polished Diamond Exports

The average value of India's polished diamond exports rose by 30.3% compared to August

India’s polished diamond exports registered its first year-over-year monthly growth since the global economic meltdown last year. India exported $1.766 billion worth of polished diamonds in September, a 10.9 percent increase. The volume of exports, 4.61 million carats, is 11.7 percent more than exported in September 2008.

The increase in exports was fueled by a number of factors. These include a general improvement in the global economy with many countries emerging from a recession, an increased focus on local retail sales ahead of the important Diwali holiday and large shipments to the Hong Kong trade show that took place September 21-27.

Indian polishing facilities were back to work at near full capacity in the past few months, churning out a large volume of polished diamonds.

Month-over-month, India’s exports rose by 62.9 percent in value and by 24.9 percent in volume.

The average value of exports stood at $381.88 per carat in September, rising from an average value of $293 p/c in August, further underscoring the revival with a shift to better-quality goods.

Polished diamond imports are still below last year’s levels, totaling $584.96 million, 18.5 percent below exports in September 2008. The volume of imports shot upwards 205.5 percent to 5.645 million carats from 1.858 million carats imported a year ago.

The preliminary trade figures were supplied by the Gem & Jewellery Export Promotion Council (GJEPC).