India’s polished diamond exports drop 54% in February

India’s diamond trade in February 2012 did not yield very enthusiastic results. Its polished diamond exports and imports dipped in both value and volume.

Polished diamond exports dropped 54 percent (on y-o-y basis) in value to $1.443 billion, while the volume of the said exports dipped 55 percent (on y-o-y basis) to 3.022 million carats. Imports of polished diamonds declined 80 percent (on y-o-y basis) to $476.2 million and in volume terms it dropped 70 percent to 1.348 million carats. This has led the country’s net polished exports (valued as the excess of exports over imports) increased 31 percent at $966.73 million in February.

The country’s rough diamond trade saw an increase of 21 percent (on y-o-y basis) in its rough diamond imports which valued $1.331 billion. The rough diamond exports dropped 16 percent to $107.5 million. The country’s net rough imports (valued as imports less exports) increased 26 percent to $1.224 billion.

The net diamond account in the month (valued as the total of polished and rough exports less the total of polished and rough imports) stood at a deficit of $257.1 million (deficit of $231 million in February 2011).