India’s total gem and jewellery exports in August 2015 dropped 10.23 percent to US$ 2.6 billion (US$ 2.97 billion in August 2014), while the total imports of this sector dropped 27.71 percent to US$ 1.3 billion (US$ 1.8 billion in the same period last year), reports say.

There was an 8.43 percent drop (on y-o-y basis) in exports of cut and polished diamonds valuing US$ 1.76 billion and volume-wise the said exports dipped 2 percent on y-o-y basis to 2.84 million carats. The cut and polished diamond imports declined a whooping 52.83 percent to US$ 241.26 million in August 2015 (US$ 511.50 million in August 2014).

India imported US$ 609.8 million worth of rough diamonds in August this year, a clear 25.39 percent fall from the US$ 782.5 million worth of rough diamond imports in August 2014. The volume of the said imports declined on y-o-y basis by 14.7 percent to 6.32 million carats, as per reports.

Gold jewellery exports including plain and studded fell 19.45 percent on y-o-y basis to US$ 537.50 million and exports of gold coins and medallions showed a contrary behaviour of a rise from US$ 0.51 million in August 2014 to US$ 0.83 million in August 2015. Silver jewellery exports stood flat at US$ 234.33 million from US$ 234.83 million in the same month last year. The performance of the country’s gem and jewellery sector was attributed to the reduced demand and a global gloomy economic environment, reports add.