India's Polished Diamond Exports Tumble 38% in November
December 26, 11 by Edahn Golan
(IDEX Online News) – India's net polished diamond exports fell to $378.7 million in November, a 37.7 percent year-over-year decline, based on provisional figures released by the GJEPC.
The decline follows a period of fast paced purchasing by retailers, mainly from China and India that took place this summer. After that time, the Indian wholesale market quieted down considerably.
The volume of net exports in November was sliced by 47.3 percent to 0.68 million carats. The average value of net exports has however increased to $556.91 p/c compared with $471.26 p/c a year ago.
India exported a total of $1.18 billion worth of polished diamonds in November, a 26.8 percent year-over-year drop in gross exports. By volume, gross exports of 2.95 million carats declined 16.7 percent.
The average value of gross exports in November stood at $40.0.75 p/c, compared with $455.72 p/c in November 2010.
India imported 2.27 million carats of polished diamonds worth $803.5 million in November. Year-over-year, the volume is unchanged, however the value of imports declined by more than 20 percent.
