Gross diamond exports from India in November continued to decline year on year. It showed a decline of 25.13% to $1.17 billion compared with $1.56 billion in November 2018, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).
Rough imports in November 2019 were up by 32.44% to US$ 1,230.74 million against US$ 929.26 million in November 2018. In volume terms, rough imports increased by 19.55% from 12.69 mn carats during November 2018 to 15.17 mn carats in November 2019.
Imports of cut and polished diamonds went up to US$ 117.85 mn in November 2019 from US$ 65.19 mn in the same month of 2018.
Exports of rough diamonds amounted to US$ 94.51 million in November 2019 as compared to US$ 88.04 mn a year earlier. Exports of polished lab-grown diamonds went to US$ 21.80 mnas against US$ 10.25 mn last year.
Imports of rough LG diamonds amounted to US$ 33.16 mn during the month, which shows increase from US$ 9.66 mn a year ago.
Imports of polished lab grown diamonds rose to US$ 9.79 mn in November 2019 against US$ 3.44 mn in 2018.
Polished diamond exports during April-November 2019 were down 18.96% to US$ 13.41 bn compared to US$ 16.55 bn in the same period last year, while imports of polished diamonds fell by 1.54% to US$ 911.68 million as compared to US$ 925.90 million for the same period of the previous year.
During the fiscal year to date, import of rough diamonds showed a decline of 17.24% to US$ 8.55 bn from US$ 10.34 bn a year earlier. In volume terms, imports fell by 6.41% from 107.0 mn cts in April-November 2018 to 100.14 mn cts in the same period in the current fiscal.
Rough exports in April-November 2019 amounted to $807.97 million, compared with $824.21 million a year earlier, while synthetic diamond exports amounted to $6.82 million in April-November 2019 compared to $6,70 million last year.
The exports of LG diamonds amounted to $276.05 million between April and November 2019, compared with $133.94 million last year.
LG rough imports totaled $116.61 million in the period under review, compared with $85.07 million a year ago. Imports of synthetic diamonds rose to $153.83 million in April-November 2019 compared with $45.73 million in 2018.
India, the world's largest diamond cutting center, is one of the largest importers of rough diamonds and an exporter of cut and polished diamonds.
It was recently reported that Indian producers reduced their purchases of rough diamonds by about 30% in order to unload supplies and improve their cash flow.