Indian Diamond Industry Fares Better in September
October 17, 06
Provisional export-import data released by the Gem & Jewellery Export Promotion Council (GJEPC) reveals that the Indian diamond industry has fared better in September than in many months so far.
Exports of polished and cut diamonds from India during the first six months of fiscal 2006-07 (April 1 to September 30) were $5,278.47 million, declining some 16 percent compared to $6,267.26 million during the first half of 2005. In carat terms, exports declined from 24.253 million carats to 17.84 million carats.
The released figures are for the six months period and not for September alone.
According to industry sources, these figures reflect a slightly more positive outlook for the industry during September. The Indian diamond manufacturing capital, Surat, which had come to a virtual halt due to floods in the latter half of August, is back on track and production at most of the large and medium size units are now at near normal levels.
Demand from the largest consumer market, the U.S., is improving and there is a belief that this should sustain over the next three months into the holiday season. Additionally, the fact that rough prices appear to be stabilizing, with appropriate adjustments in supply by major mining companies, has also provided a boost to the industry.
The value of rough diamonds imported over the six months period were $4,024.16 million, down 11.62 percent compared to $4553.23 million last year, while in carat terms it fell from 89.13 million carats to 80.05 million carats.
19.3744 million carats of rough diamonds worth $246.75 million were exported during the period.
Unlike the diamonds, exports of gold jewelry rose dramatically. Exports increased 30.61 percent, from $1,777.01 million to $2,320.88 million during the same period.