India's exports of cut and polished diamonds in May increased 3.67% year-over-year to US$2.05 billion from US$1.98 bn in the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). For the fiscal year to date (April-May 2017), polished exports are up a single percentage point at US$3.8 billion. Rough imports during the month were up 22.5% in value terms at US$1.86 billion compared to US$1.52 billion imported during the previous May. Rough imports have increased 5% for the first two months of the year. In volume terms, 18.1 mn carats of rough were imported during the month, a rise of nearly 50% compared to imports of 12.11 mn carats during May ‘16.
Meanwhile, imports of cut and polished diamonds were down 1.9% to US$244.47 million in May 2017 from US$249.07 million a year earlier. The value of polished imports for the fiscal year is down 9%. Exports of rough diamonds were flat for the month of May, at $127 million, but have increased 15% for the year thus far. Exports of gold jewelry (both studded and plain) during the month declined by nearly 30% to US$533.51 million from US$777.74 mn a year earlier, while exports of gold medallions & coins reached US$1 billion over the first two months of fiscal 2017, up nearly 50%.