India’s net diamond account increases by 7% in August’08

India's diamond trade for the first eight months of 2008 has shown a 7 percent decrease in net polished diamond exports, which amounted to $5.65 billion, according to the Gems & Jewellery Export Promotion Council. The net polished diamond account was calculated with a 25 percent increase in total polished exports amounting to $10.61 billion and total polished imports more than doubling to $4.96 billion.

The rough diamond chapter also saw a healthy developemnt in the first eight months of 2008. India’s net rough diamond import increased by 12 percent amounting to $6.95 billion, as compared to the same period in 2007. Total rough imports stepped up by 14 percent to $7.51 billion, and exports by 40 percent to $558.97 million.

For the sole month of August 2008, total polished exports scaled up by 7 percent to $1.42 billion and total polished imports by 23 percent, to $591.91 million. The net polished diamond export account dipped 3 percent to $831 million, as compared to August 2007.

In August, the net rough imports were worth $596.4 million, slipping down 6 percent from August 2007. Total rough imports fell by 3 percent to $664.47 million, but exports increased by 43 percent, to $68.07 million.

The net diamond account (net polished exports minus net rough imports) saw a 7 percent increase to $234.6 million in August. In the first eight months of 2008, the net diamond account represented a negative level of $1.29 billion. The country’s total gem and jewellery exports rose 8 percent to $1.89 billion in August, according to AFNS.