A sharp fall of 17 per cent was recorded in the total cut and polished diamonds exports from India for July to $858.2 mn, according to Gems and Jewellery Export Promotion Council (GJEPC) reports.

In carat terms, the decline was even more steep, falling 26 per cent to 3 mn carats. Since the start of the year, the country�s polished diamond exports have fallen 14 per cent to $6.4 billion while rising 5 per cent in volume to 30.7 mn carats. Indian imports of the same plummeted 62 percent to $131.5 mn last month.

Meanwhile, rough diamond imports dropped 18 per cent in July to $754.3 mn, and in weight terms fell 14 per cent to 14.5 mn carats. For the January-July period, India�s rough imports fell 16 per cent to $4.6 billion recording an even larger fall of 20 per cent in volume to 92.2 mn carats. Indian exports of rough edged down 3 per cent to $34.8 million, but in volume terms fell 28 per cent to 3.9 mn carats.