India’s exports of polished diamonds slid again during December, but rough imports soared, as expected, after the two-month voluntary ban.
Foreign sales during the month fell almost 22 per cent to just $862m compared to $1.1bn in November, according to new figures from the GJEPC (Gem and Jewellery Export Promotion Council).
Exports were $1.26bn in October and $1.67bn in September.
Rough imports were $1.31bn, compared with just $314m in November, as many manufacturers stopped buying in order to kickstart prices, a strategy that is widely seen as having worked.
Overall gross exports of all gems and jewelry fell by 9 per cent during December to $2.19 bn. That’s a bigger fall than the 7 per cent in November.
Vipul Shah, GJEPC chairman said: “The suspension has also resulted in a positive impact on the prices of polished diamonds over the past two months.
“We are confident that with our cooperation and resilience, we will achieve a prosperous future for the Indian diamond industry.”