India’s February polished diamond exports declined 54 percent year on year to $1.443 billion, according to provisional data provided by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports fell 55 percent to 3.022 million carats during the month.
Polished imports dropped 80 percent year on year to $476.2 million by value and by 70 percent in volume to 1.348 million carats during February. India’s polished imports have reduced significantly since the country imposed a 2 percent import duty on cut and polished diamonds from January 17, 2012.
The country’s net polished exports, representing the excess of exports over imports, rose 31 percent at $966.73 million in February.
Rough diamond imports rose 21 percent to $1.331 billion during the month, while rough exports declined 16 percent to $107.5 million. India’s net rough imports, or imports less exports, rose 26 percent to $1.224 billion.
For the month of February, India’s net diamond account — the total of polished and rough exports less the total of polished and rough imports — registered a deficit of $257.1 million, compared with a deficit of $231 million one year ago.
For the first two months of 2012, India’s polished diamond exports fell 39 percent to $3.216 billion, while polished imports declined 69 percent to $1.421 billion. Rough imports were up 15 percent to $2.425 billion and rough exports rose 12 percent to $260.8 million.
India’s net diamond account for the January and February period registered a deficit of $369.5 million compared with a deficit of $1.227 billion one year ago.