India’s Polished Diamond Exports Soars 123% in November

India exported in November a net of 1.3 million carats were worth $ 398.6 million

Preparations for the holiday selling season boded well for the Indian diamond industry, resulting in a surge in polished diamond exports in November. India exported $1.3 billion worth of polished diamonds weighing 4 million carats, an average of $325 per carat, according to provisional data released by the Gem & Jewellery Export Promotion Council (GJEPC).

Year-over-year, the value of gross polished diamond exports shot up by 122.8 percent, while in volume these exports nearly doubled, rising 95.5 percent.

Polished diamond imports in November totaled $901.4 million on shipments of 2.7 million carats, averaging $333.85 p/c. This is a 66.9 percent growth in value and a 62.5 percent growth in terms of volume.

Net exports of 1.3 million carats were worth $398.6 million.

This is the fourth month of improved exports from India and a bellwether indicator to a recovery in the important U.S. consumer market.

But while the rise in exports is positive, it does not necessarily translate into sales. Indian traders supplied some of the goods on memo and some of the goods are on standby in New York for expected orders. The amount of returns in January and February will provide a clearer indication to the level of actual sales.

Year to date, exports have recovered, receding just 0.05 percent compared to April-November 2008.