India Rough Diamond Trade Returns to Pre-Crash Levels

India's net imports of $900 million is 3.6% higher than net imports in May 2008 Photo courtesy Venus Jewel

India imported 15.6 million carats of rough diamonds at a value of $978.1 million in May, according to provisional figures released by the GJEPC. These imports are a 71.5 percent increase in volume and 55.2 percent increase in the value of imports compared to May 2009.

India exported 3.2 million carats with a stated value of $78 million in May, a 57.1 percent increase by value. This brings net imports during the month to $900 million.

While Israel is yet to return to the rough diamond trading levels seen before the financial crisis, India and Belgium have already done so. Compared to May 2008, India’s gross rough diamond imports increased 6.6 percent and net imports are 3.6 percent higher.

Likewise, Belgium’s net rough diamond trade increased 16.7 percent compared to May 2008 whereas Israel’s net rough diamond trade is still 33.5 percent behind.