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India’s diamond trade slows in August

India’s diamond trade slows in August

NEW DELHI: India’s polished-diamond exports declined 6.5% to $1.82 billion in August, according to data the nation’s Gem & Jewellery Export Promotion Council (GJEPC) released last week.  By volume, polished exports fell 2.1% to 2.8 million carats, while the average price declined 5% to $646 per carat. Polished imports fell 46% to $143 million, meaning net polished exports — the difference between exports and imports — slipped 0.3% to $1.67 billion.  Imports of rough diamonds dropped 7% to $975 million, with rough exports down 25% to $91 million. Net rough imports — calculated as rough imports minus exports — declined 4.8% to $884 million.

India’s net diamond account for August increased 5% to $791 million.  In the first eight months of the year, polished exports increased 1.4% to $15.14 billion, according to Rapaport calculations. Polished imports fell 13% to $1.67 billion, and net polished exports rose 3.5% to $13.47 billion. Rough imports jumped 10% to $12.06 billion, while rough exports increased 6% to $1.02 billion. Net rough imports grew 10% to $11.04 billion. The nation’s net diamond account — total rough and polished exports minus total imports — for the January-to-August period fell 18% to $2.43 billion.