India's Polished Diamond Exports Flat in February, Rough Imports Rising

Rough Market
19/03/2018 11:22

Exports of cut and polished diamonds from India during the month of February 2018 remained virtually flat at $ 2.427 billion, 0.50% over the same month last year, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). The average price rose 6% to $791 per carat. However, while exports of cut and polished diamonds remained flat, rough imports rose by 11.35% in value terms during the month to $1.68 billion as compared to US$ 1.51 bn imported during the previous February. In volume terms, rough imports declined from 17.80 mn carats during February 2017 to 16.8 mn carats during February this year. Together, this indicates the price of rough is rising early in the year. Imports of cut and polished diamonds to India were down by 11.7% to $158.31 million in February from $179.32 million a year earlier. Overall exports from the gems and jewelry sector during February fell by 7.38% year-on-year to $ 3.67 billion from $ 3.96 billion last year.

For the first eleven months of the financial year thus far, April 2017-Feb 2018, polished diamond exports during are up 3.78% to $21.71 bn as against the $20.92 bn exported over the same months last year, while exports of gold jewellery (both plain and studded) were up 8.17% at US$ 8.66 bn as against US$ 8.01 bn during the first eleven months of the previous fiscal. During the fiscal year to date, import of rough diamonds showed a growth of 11.14%, rising to $17.21 bn from $15.48 bn a year earlier. In volume terms, rough diamond imports rose by a substantial 30.42%, from 136.84 mn cts in April 2016-Feb 2017 to 178.47 mn cts in the same period this year.