India Polished Diamond Exports $888 Million in May

India exported $888.2 million worth of polished diamonds in May, declining 34.2 percent compared to May 2008. The volume of exports, 2.826 million carats, was 17 percent lower at an average value of $314.30 per carat.

Polished diamond imports during the month reached $442.12 million, declining 26.8 percent year-over-year. In volume, imports have increased 7.5 percent to 1.493 million carats from 1.389 million carats imported the year before. The average value of imports stood at $296.13 p/c.

The larger volume of imports compared to the lower dollar value could be explained by the drop in polished diamond prices, which neared its pick in May 2008, and shifts in the exchange rate. In May 2008 it stood at 40.50 Indian rupees/US$ compared to 50.55 IR/US$ in May 2009.

This is imported as demand for polished diamonds started to pick up in May and prices stabilize.