India is the world’s largest diamond-cutting centre. It is a net importer of rough diamonds and a net exporter of polished ones. The exports of cut and polished diamonds from India dropped by 16% year-on-year, while rough imports fell by 40% in 2019-2020. India's rough diamond imports fell sharply in 2019 over liquidity crunch.
According to the data from the Gem and Jewellery Exports Promotion Council, the overall gross import of rough diamonds between April 2019 and November 2019 has shown a decline of about 17.24 per cent to $8.55 billion from $ 10.34 billion registered during April to November 2018. This is one of sharpest fall in import of diamond in India in the last one decade. According to the report by Bain & Consulting, net import was down by 32 per cent.