Crisis Hits India Too, Polished Exports -20% in October

India's diamond trade was hard hit by the global financial crisis, registering strong declines in October. Polished diamond exports fell20.4 percent to $1.24 billion. By volume, exports nose dived 83.6 percent to just 36,000 carats, compared to 219,000 carats exported in October 2007.

Imports of polished diamonds fell 11.4 percent to $509.4 million on imports of 1,266,000 carats - dropping 10.6 percent year-over-year.

In the first seven months of the fiscal year, exports increased 13.7 percent in U.S. dollar terms (17.7% in Indian rupees) and imports shot up 64.7 percent in dollars (70.8% in rupees).

Gold trade also suffered. Gold jewelry exports declined 15.5 percent in value in October while imports fell 39.2 percent.