India's Polished Diamond Trade Marks Another Decline in May

(IDEX Online News) – India exported $1.24 billion worth of polished diamonds in May, a 6.7 percent decline compared to April, according to provisional figures released by the Gem & Jewellery Export Promotion Council (GJEPC).

The average value of gross exports has also declined compared to the preceding month, down 18.4 percent to $483.62 per carat.

Year-over-year figures show a dramatic 44.4 percent decline in exports, however, the decline is skewed. A recent tax on polished diamond imports led to a sharp decline in round-tripping – a practice of repeated exports and imports of the same goods for bank financing.

The volume of exports increased 14.3 percent in May compared to April, reaching 2.6 million carats.

Polished diamond imports of $194.3 million are a sharp 45.3 percent decline from April.