India's polished diamond trade ended the calendar year 2017 (the fiscal year runs April-March) with a slight increase over the same period a year ago, as polished exports 2.1% to $23.09 billion, while rough imports were worth $18.47 billion, representing an 11% increase over 2016. This according to statistics published by industry organization GJEPC. In carat weight, polished diamond exports increased 6.7% to 34.9 million carats, at an average price of $667 per carat, according to our calculations.
The volume of rough diamond imports increased significantly, rising 35% to 1.99 million carats from 1.47 million carats. The predominance of lower-quality small goods accounts for the gap between the increase in volume and value. In December, India’s polished exports increased 8% to $1.59 billion, while rough imports surged 56% to $2.18 billion on the back of a nearly 93% increase in the volume of rough imports.