India's Polished Exports Rise 5.5% in August

(IDEX Online) - India's polished diamond exports rose 5.5% month-on-month to $924.51 million in August.

But that was 4.93% below a year earlier, when polished diamond exports reached $972.47 million, according to the latest Gem & Jewellery Export Promotion Council (GJEPC) figures, released on 12 September.

August marked the second consecutive monthly increase, with exports rising from $846.73 million in June to $876.40 million in July and $924.51 million in August. The August figure was 9.2% higher than June.

Kirit Bhansali, chairman of the GJEPC, said: "August's export performance reflects the resilience and adaptability of India's gem and jewellery industry.

"The increase in diamond export volumes, along with the sharp growth in studded gold jewellery exports, highlights India's growing ability to create greater value by transforming precious materials into finished jewellery."

Year-on-year, India exported 1.336 million carats of polished diamonds in August, up 3.23% from 1.294 million carats a year earlier. Yet export value fell by $47.96 million.

India therefore shipped more polished diamonds but generated fewer export dollars.

That divergence points to continuing pressure on export realizations as India's cutting and polishing sector works through prolonged weakness in the global diamond market.

More broadly, India's overall gem and jewelry exports rose 3.14% year-on-year to $2.30 billion in August.

Polished lab-grown diamond exports also increased, up 28.45% year-on-year to $125.17 million.