Rough Ban: India's Polished Exports Fall

(IDEX Online) - India's polished diamonds exports fell again in November, as manufacturers cut back on rough purchases in line with a two-month voluntary ban.

Total foreign sales continued their decline, from $1.67bn in September to $1.26bn in October and now down to $1.1bn in November.

The figure is down 12 per cent on the previous month and 12 per cent down on November last year.

As reported previously, the ban (15 October to 15 December) saw rough purchases fall by 69 per cent from $1.02bn in October to $314m in November, and is credited with kickstarting polished prices after 18 months of decline.

Overall gross exports of all gems and jewelry from India dropped by 7 per cent year-on-year in November to $2.26bn. The April to November figure is by almost 22 per cent.