India Polished Trade Improving but Still Far Below 2011 Levels

(IDEX Online News) – Indian traders stepped up imports and exports of polished diamonds in September compared to August; however, the level of international trade is far less than that conducted just a year earlier.

Polished diamond exports totaled $1.51 billion in September, up 6.6 percent compared to August, but 38.8 percent less than exported in September 2011, based on figures released by the GJEPC.

The volume of exports, nearly 3 million carats, softened 2.1 percent month-over-month, but dropped 44.4 percent from last year.

Contrary to most indicators and reports from the market, overall prices of exported diamonds increased in September. The average value of exports stood at $503.62 per carat (p/c), up 8.9 percent compared to August.

The increase may reflect a different mixture of exported goods, exporting higher value diamonds. The increase in average price cannot be explained only by the large exports to the Hong Kong trade fair held in September, as year-over-year prices increased by nearly the same rate – 10 percent.

Polished diamond imports increased 1.7 percent to 1.4 million carats as compared to August, however, year-over-year imports dropped 72.3 percent.