India Sharply Cuts Volume of Rough Diamond Imports in September

(IDEX Online News) – Net rough diamond imports by India in September totaled $789.8 million for 5.13 million carats. This is a moderate 10.3 percent decline in the value of net imports compared to September 2010, however a whopping 94.9 percent cut in the volume of net imports.

The enormous drop not only highlights the change in demand for rough diamond in the market after it started to soften in August, but also hints at large diamond stocks held by manufacturers.

Gross rough diamond imports by India declined 4.4 percent to $936.4 million in September, according to provisional figures released by the GJEPC. The volume of trade, 8.1 million carats, is a sharp 35.3 percent decline compared to the previous year. The average value of gross imports increased 47.6 percent to $115.82 per carat.

While gross imports declined, rough diamond exports leaped 47.6 percent to $146.6 million. The volume of exports grew to 2.97 million carats, averaging $49.42 p/c.