For the first time since the global economic downturn in 2008, India’s polished diamonds export has decreased by a staggering 42 per cent at US $4.8 billion in the last four months since April-2012 compared to US $8.3 billion during the same period in the previous year in 2011
As per the latest figures published by the Gems and Jewellery Export Promotion Council (GJEPC), the volume of polished diamonds exported by the country has seen a sharp fall of about 95 per cent at 95 million carats in the last four months since April-2012 compared to 200 million carats exported during the same period in previous year.
Industry sources said the dealers and jewellery companies in US, China, Belgium and UAE are grappling with rising diamond inventories and falling prices, as the slack global economy prolongs a year-long slump. It is estimated that about US $20-US $25 billion worth of polished gems are in the diamond inventories.
In 2010-11, India exported US $28 billion worth of polished diamonds against the import of US $20 billion worth of polished diamonds.