India's exports of cut and polished diamonds fell by 6.5 percent year-over-year in August, reports the Gem and Jewellery Export Promotion Council (GJEPC). The Indian trade exported $1.82 billion in August 2017, a decline of 6.5% as compared to the $1.94B in the same month a year earlier, according to provisional data. The $1.82 billion was however higher than the $1.67 billion exported in the month of July. For the financial year to date (April-August), India's polished exports are up by a half percentage point, currently sitting at $9.25 billion, compared to $9.20 billion a year earlier. Overall exports from the gem and jewelry sector during August 2017 stood at $2.77 billion, a drop of 24.42% over the $3.66 billion exported in the same month the previous year.
Meanwhile, India imported rough imports during the month valued at $975.4 million, a decline of 7.18% in value terms compared to $1.05 billion imported during the previous August. In volume terms, 9.1 mn carats of rough were imported during the month, up 6.6% over the imports of 8.5 mn carats during August ‘16. GJEPC notes that imports of cut and polished diamonds dropped significantly to $143.9 million in August 2017 from US$ 264.3 million a year earlier.