Exports of polished diamonds from India in May 2014 fell 8% year-on-year to $ 1.636 billion, according to preliminary figures from the Gem & Jewelery Export Promotion Council (GJEPC). In terms of volume, exports decreased by 14% year-on-year to 2.807 million carats. As a result, the average value of exported diamonds increased by 7% to $ 583 per carat, Rapaport reports.
Indian diamond imports fell 21% to $ 422.44 million in the month. Net diamond exports from India (the difference in exports and imports) decreased 2% to $ 1.214 billion.
Imports of rough diamonds to India declined in May by 6% to $ 1, 55 billion, while exports of rough diamonds rose 6% to $ 142.53 million. Net rough imports fell 7% to $ 1.407 billion.
India's net diamond account for May, which reflects the difference between net exports of diamonds and net imports of diamonds, showed a deficit reduction of $ 192.95 million compared to a deficit of $ 263.08 million a year earlier.
Imports of raw synthetic stones to India, including synthetic diamonds and precious stones, fell to 32% to $ 9.07 million in May, while imports of synthetic stones rose 33% to $ 8.79 million. The total exports of synthetic stones declined by more than doubled to $ 6.16 million.
During the first five months of 2014, polished exports from India fell 8.7% year-on-year to $ 8.656 billion, while polished imports fell 13.7% to $ 2.704 billion, resulting in a net exports amounted to $ 5.952 billion compared with $ 6.349 billion a year earlier.
Imports of rough diamonds rose 5.7% to $ 7.697 billion, but diamond exports fell 27.3% to $ 670 million, resulting in net imports of $ 7.027 billion compared to $ 6.361 billion a year earlier.