India's Oct. Polished Exports -15%

Polished diamondsMumbai: India’s polished diamond exports fell 15 percent year on year to $2.219 billion in October, data published by the Gem and Jewellery Export Promotion Council (GJEPC) showed. By volume, exports dropped 16 percent to 3.786 million carats, while the average price of the exports rose 2 percent to $686.78 per carat.

Polished imports to the country increased 3 percent to $600 million during the month. As a result, net polished exports, representing the excess of exports over imports, declined 20 percent to $1.619 billion.

India’s rough imports fell 17 percent to $1.006 billion in October and rough exports slumped 37 percent to $107 million. Net rough imports, or rough imports minus exports, declined 14 percent to $899 million.

India’s October net diamond account, representing the excess of total exports of polished and rough over total imports, fell 26 percent to $720 million.

During the first 10 months of the year, India’s polished exports rose 2 percent to $19.199 billion, while polished imports grew 2 percent to $6.210 billion. Net polished exports increased 3 percent to $12.989 billion.

India’s rough imports rose 7 percent to $14.557 billion during the 10-month period, and rough exports fell 19 percent to $1.295 billion. Net rough imports increased 11 percent to $13.263 billion.

India’s net diamond account fell to a deficit of $274 million during the 10-month period, compared to a surplus of $704 million in the same period a year earlier.