India's exports of polished diamonds rose 3% in value during the first quarter of 2017 (April-June) to $5.8 billion from $5.6 billion in 2016, according to provisional data released by India's Gem & Jewellery Export Promotion Council (GJEPC). In June, the Indian trade recorded a rise of 7.5% to $1.98 bn as compared to $1.84 bn in the same month in 2016. In keeping with the trend of lower-value goods being traded, the percentage increase in the volume of carats exceeded the increase in value, as the volume of polished diamond exports in Q1 rose by 7%, and in June by 17%.
The increase in rough diamond imports, on the other hand, were much more substantial. During the first quarter of 2017, the cutting and polishing hub increased their imports of rough diamonds 17% to $5.4 billion from $4.6 billion. In June alone, rough imports rose 48.5% to $1.8 billion from $1.2 billion in 2016. In volume terms, 23.5 mn cts of rough were imported during the month, which was more than double the 10.8 mn carats imported during June the year prior. Imports of cut and polished diamonds were down 21% during the quarter to $658 million in 2017 from $724 million a year earlier. For June, polished imports fell 9.25% to $228 million in June 2017 from $252 million in June 2016.