Performance for the year
During April-December 2017, exports of cut and polished diamonds from India stood at US$ 17.2 billion, thereby contributing about 69 per cent of the total gems and jewellery exports in value terms. India’s polished-diamond exports increased 2.1% to $23.09 billion in in 2017.
IBy weight, exports jumped 14% to 37.3 million carats, while the average price slipped 11% to $620 per carat. Net polished exports representing exports minus imports jumped 3.8% to $20.71 billion, according to the figures, which are based on the Gem & Jewellery Export Promotion Council (GJEPC).
Rough diamond imports grew 11% to $18.46 billion, while exports increased 7% to $1.52 billion. Net rough imports minus exports rose 11% to $16.94 billion.
India’s 2017 net diamond account calculated as total rough and polished exports minus total imports, measuring the added value of the nation’s diamond industry declined 20% to $3.76 billion.
The market confidence of the diamond industry has taken a hit after the alleged scam by Nirav Modi as buyers are concerned about the purity of jewellery, which has led to decline in business, according to a nation-wide survey.