India's January Polished Diamond Exports +89%, Rough Imports +302%

India's gross polished diamond exports in January totaled $1.71 billion, an 89 percent leap compared to January 2009. With imports totaling $1.04 billion during January, net exports stood at $673 million. The rise in gross exports reflects a comparison to a weaker period last year during the height of the economic depression as well as jump in stock replenishments after a better- than-expected holiday season.

Gross exports by value grew by 50.1 percent to 4.84 million carats, while imports grew by 12 percent to 2.75 million carats. Net exports by volume totaled 2.09 million carats in January, based on provisional figures released by the Gem & Jewellery Exports Promotion Council (GJEPC).

The average value of this trade is $352.95 per carat for gross exports, $376.98 p/c for gross imports and net exports to $322 p/c.

The Indian diamond industry is experiencing an upswing in activity. Israel and Belgian traders selling to Indian buyers are reporting that buyers have a large appetite for polished diamonds in most ranges and an even greater appetite for rough diamonds.

Rough diamond imports in January soared compared to the start of 2009. India imported $875.82 million worth of rough diamonds on shipments of 13.61 million carats last month. This is a 302.1 percent year-over-year leap in the value of rough diamond imports. By volume, the increase is 219 percent, underscoring not only the growth in imports, but also the sharp rise in the price of rough over the past year.

India's rough diamond exports of $59.09 million weighing 2.59 million carats increased 2.1 percent by value and 23.6 percent by volume compared to the year before.