Wednesday, May 15, 2024
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India’s Cut & Polished Diamond Exports Nosedive in April 2023

Figures released by the Gem and Jewellery Export Promotion Council (GJEPC) and quoted by Rough & Polished show that India’s cut and polished diamond exports went down 38.86% year-on-year in April, totalling $1320.34 million.

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Overall gross Imports of cut and polished diamonds totalled $70.52 million during April, a fall of  36.99% year-on-year. Gross Imports of rough diamonds totalled $1443.82 million during the same period – a rise of  10.17% year-on-year.

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According to a report in IDEX Online, India is now importing “more diamonds from Russia than before the invasion of Ukraine and the introduction of US sanctions.” Vipul Shah, GJEPC chairman, told The Times of India: “Import of rough from UAE and Belgium has dropped and possibly due to that there is a rise in import of rough from Russia during the last financial year. But this year, the situation will be different due to the slowdown.”

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