India's Polished Diamond Exports Steady in July, Up 2% on Year

28/08/2017 12:53

India's polished diamond exports showed little movement during the month of July, a traditionally slow period in the diamond and jewelry industry. According to figures published by the Gem and Jewellery Export Promotion Council (GJEPC), July exports remained flat at $1.65 billion despite a notable 25% increase in the volume of carats exported, jumping to 3.14 million from 2.5 million carats, continuing the ongoing trend toward high volumes of small, lower-quality goods. The price per carat fell accordingly to $524 from $660. For the first four months of the fiscal year (April-July), exports have risen by 2.4% to $7.25 billion. India’s rough exports declined 18% to $91 million.

Meanwhile, rough diamond imports fell by 6% $1.33 billion in the month of July, possibly reflecting lower demand for rough as polished inventories continue to rise as manufacturing has not slowed. This after restocking efforts continued prior to the summer, as rough imports to India rose by nearly 12% to $6.72 billion in the first four months of the fiscal year. Polished imports to India fell 9% to $228 million during the month.