India's cut and polished diamonds exports jumped by over 30 per cent in value terms to $2.5 billion (approx Rs. 16,700 crore) for the month of September 2016 as against the same month last year, latest data shows. However, in terms of quantity, the exports fell by over one lakh carats to 31.67 lakh carats as against 32.95 lakh carats last year, reports The Hindu Business Line.
Diamond traders attributed the growth in value of exports to the persistently higher prices of diamonds and also to the evolving new market opportunities in western countries.
"We have seen good demand in the West, including the US, Canada and also West Asia. As compared to last year, there is good value growth in polished diamond exports. We see the robust trend continuing for the remaining part of the year," said Dinesh Navadia, President, Surat Diamond Association (SDA).
Navadia said India's domestic market too has become attractive as it provides good value with the emerging consumer class.
"Youth are the key drivers for domestic demand for diamonds. However, exports continue to be attractive due to its wider reach and value," added Navadia.
According to data shared by the Gems and Jewellery Export Promotion Council (GJEPC), for the cumulative period of the current fiscal, April-September, cut and polished diamond exports increased by nearly 11 per cent to $11.7 billion (approx Rs. 78,000 crore) as against $10.5 billion (approx Rs. 68,000 crore) reported in the same period last year.
Notably, exports of rough diamonds from India has more than doubled to $155 million (approx Rs. 1,035 crore) for September 2016 as against $67.28 million (approx Rs. 445 crore) in the same month last year.
For the six-month period India exported 154.55 lakh carats of rough diamonds, up 13 per cent from 136 lakh carats in the same period last year. In value terms rough diamond exports crossed $730 million (approx Rs. 4,890 crore), 33 per cent higher than the $547 million (approx Rs. 3,500 crore) for the same period last year.
Meanwhile, rough diamond imports for the period increased by 27 per cent to $8.8 billion (approx Rs.59,100 crore) this year as against $6.9 billion (approx Rs. 44,500 crore) reported in the same period last year, with the quantity of imports increasing by over 15 per cent to 727 lakh carats for the period as against 632 lakh carats in the same period last year.