India's Polished Exports Down a Third in March
April 18, 23
(IDEX Online) - India's cut and polished diamond exports slumped in March, down a third from February to $1.6bn.
That's a sharp reverse in fortunes from February, when foreign sales surged 20 per cent to £2.37bn, fuelled by China's post-Covid recovery and an associated revenge buying frenzy.
The overall gross export of polished diamonds during March was down 33.05 per cent year-on-year in US dollars from $2.4bn, according to the Gem and Jewellery Export Promotion Council. That's a drop of 27.68 per cent in rupee.
Diamonds fared worse than overall gem and jewelry sector, which saw a decline during the month of 29.39 per cent to $2.6bn.
For the year to March 2023 polished diamond exports fell 9.78 per cent from $24.4bn to $22.0bn compared with the year to March 2022. Rough imports for the same period were down 8.42 per cent to $17.4bn.