India’s Rough Consumption Up in Volume

India is increasing its rough diamond intake, with imports rising to 14.04 million carats in May from 11.79 million carats a year ago – a 19.1 percent rise in volume. The climb took place against the backdrop of a highly volatile rough diamond market.

But while prices of rough have been on a continuing upward movement, the value of India’s trade shifted from an average of $63.23 per carat in May 2007 to $65.33 p/c last month. This was a measly 3.33 percent rise at a time when prices are rising by far more.

India also increased exports of rough diamonds. It shipped out $51.64 million worth of goods in May, compared to $34.56 million the year before. While reflecting the increase in rough prices, this also reflected the increase in exports by volume. Exports of 2.56 million carat were up 63.79 percent year-over-year.