A Decline in the Volume of India’s Rough Diamond Imports

(IDEX Online News) - Gross rough diamond imports by India increased in February by 31.9 percent to $1.08 billion, according to provisional figures released by the Gem & Jewellery Export Promotion Council (GJEPC). The volume of imports declined 30.3 percent to 11,643,000 carats, averaging $92.83 p/c.

Net rough diamond imports reached $967.2 million, a 4.9 percent increase compared to $921.7 million in February 2010. In volume, net imports stood at 11.4 million carats, declining 16 percent from last year.

The average value of net rough diamond imports was $61.17 p/c in February.

The rise in the value of imports is reasonable considering the increase in rough diamond prices over the past year. What is surprising is the decline in the volume of imports.

India exported 219,000 carats worth $113.6 million in February, dropping 92.3 percent by volume yet rising 37.8 percent by value compared to February 2010.