India Curbs Rough Diamond Imports

(IDEX Online News) – India's rough diamond imports were reduced in January both year-over-year and month-over-month. Gross rough diamond imports totaled $986.4 million in January.

Rough diamond imports declined 11.1 percent when compared to January of last year and fell 44 percent compared to December 2012, based on figures released by the GJEPC.

The volume of rough diamond imports decline 6.3 percent year-over-year to 10.9 million carats. Compared to December, a 41.3 percent decline.

Indian diamond manufacturers say that compared to prices of polished diamonds, the price of rough is high. With a cautious global economic outlook ahead, they prefer to limit their rough diamond purchases and polished diamond production until they see an improvement in demand for diamond jewelry in consumer markets.

The average value of goods, $90.75 per carat (p/c), declined 18.3 percent in a single month.

While imports declined, exports of rough diamonds from India surged. In January, India exported $173.3 million worth of rough diamonds, more than double the exports in December. Compared to January 2012, exports increased 13.1 percent.