India has found a growing export market for its polished diamonds in Hong Kong, China and the Middle East, as reported in a leading media. In the six months of the current fiscal lasting between April – September 2009, there has been a 9 percent increase in polished exports to China and Hong Kong, reports say.

India exported $3,126 million worth of polished diamonds to Hong Kong in the said six months, as compared to $2,853 million in the same period last year, reports say. The country’s polished exports to Hong Kong have increased by 11 percent in September alone.

India’s polished exports to the US in said six months dipped by 30 percent to $1,791 million as compared to $2,527 million in the same period last year, although traditionally the US has been the major diamond consuming market in the world and for India.

In the said six months, over 70 percent of India’s cut and polished diamonds have been exported to countries like Australia, Israel, UAE and Hong Kong. Diamond demand increased in China also during its 7-day national holiday week that occurred in the first week of October 2009. There is strong demand emerging from HK, China and the UAE and Indian diamantaires are looking for new business opportunities in new promising markets other than US.