India's Rough Diamond Trade Rises in Value, Declines in Volume
September 27, 11The net imports are a 37.9 percent decline in volume and 14.9 percent increase in value, based on figures released by the GJEPC.
The average price of the net imported goods increased to $246.21 per carat.
Gross rough diamond imports of $830.5 million are a 20.1 percent year-over-year rise, while the 5.4 million carats that entered the country in August are a 33.4 percent drop in volume. The average value of gross imports is $153.80 p/c.
Until early August, Indian traders were purchasing rough diamonds with gusto, willing to pay increasingly more for the goods. In early August, the tide started to change and the sentiment cool as polished prices stopped increasing and traders started to face liquidity pressure.
The sentiment did not prevent large imports of goods, mainly by DTC Sightholders and Alrosa clients because both are contractually bound to these purchases, at least in theory. Sightholders have the option of turning down goods, known as Buy Backs, however they exercise that right sporadically.