India’s Polished Trade Nearly Doubles in May, Yet to Close Pre-Crash Gap

India exported $1.8 billion worth of polished diamonds in May, leaping 89.4 percent year-over-year, yet falling 29.6 percent behind exports in May 2008 when exports stood at $2.55 billion, based on provisional figures published by the GJEPC.

In terms of volume, India exported 4.3 million carats in May, declining 19.2 percent compared to May 2009. The average value of gross exports is $419.09 per carat.

Polished diamond imports of $984.2 million were nearly double (97.4%) imports there year before. India imported 3.4 million carats at an average declared value of $292.66 p/c.

India, like the rest of the global diamond centers, is still recovering from the 2008-09 crash that caused a drastic drop in diamond sales. Israel and Belgium are in the same situation, with large year-over-year gains that demonstrate the recovery. However all three centers are yet to return to the same level of trading seen two years ago in the pre-crash period.