India’s Polished Exports Suffers in October

(IDEX Online News) –India’s gross polished diamond exports declined 8.7 percent year-over-year to $1.9 billion in October. Compared to September, gross exports declined 24.1 percent, based on provisional figures released by the GJEPC.

Traders in Mumbai were on vacation in October. Joined by an uncertain feeling about lower prices, trading in the market was hesitant at best. By mid-November, trading has picked up and prices increased by a few percentage points.

The last time India’s exports were in an extended decline was following the global economic crash of 2008. Since September 2009, exports have been continually growing for nearly two years.

The volume of gross exports, 3.95 million carats, is a 22.9 percent decline from last year and a 28 percent fall compared to September.

Polished diamond imports totaled $899.5 million, down 23.7 percent year-over-year.

India’s net polished diamond trade therefore stands at $985.6 million in October, compared with net exports of $1.15 billion in September and $887.31 million in October 2010.