India’s January polished diamond exports fell 19 percent year on year to $1.773 billion, according to provisional data provided by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports declined 37 percent to 3.326 million carats during the month.
Polished imports dropped 59 percent to $944.93 million by value, and 52 percent to 1.966 million carats by volume in January. Imports were curbed as India 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, were at $828.35 million, compared with a deficit of $84.17 million one year ago.
Rough diamond imports rose 7 percent to $1.094 billion during the month, while rough exports surged 45 percent to $153.27 million. India’s net rough imports, or imports less exports, rose 3 percent to $940.82 million.
For the month of January, India’s net diamond account — the total of polished and rough exports less the total of polished and rough imports — registered a deficit of $112.47 million, compared with a deficit of $996.39 million one year ago.