Surat: Amid worries about the impact of Goods and Services Tax (GST) on small and medium diamond units in Surat, Indian diamond industry retained its position as the world’s leading importer of rough diamonds in 2017.According to figures released by Kimberley Process Certification Scheme (KPCS), India continued to remain dominant market for rough diamonds as its imports increased by a staggering 31 per cent to $19 billion, backed by volume increase of 40 per cent to 195 million carats.Production of rough diamonds in the world in 2017 surged to the levels not seen since the economic slowdown in 2008. In 2017, the world production of rough diamonds increased by 19 per cent to 150 million carats valued at $16 billion.It must be noted that post-GST, imports of rough diamonds attract 0.25 per cent GST. Earlier, GST on imports of diamonds was kept at 3 per cent, which was reversed by GST Council following strong representation by industry associations.The KPCS data showed that global rough imports increased by 3 per cent to $49.85 billion for the year, with total volume up 28 per cent to 489.9 million carats. India in 2017 was responsible for 40 per cent of all rough diamond imports by volume and 38 per cent by value.European Union (EU) - mainly Belgium - was again the second leading importer of rough diamonds, increasing its imports by 41 per cent in volume to 160 million carats, although the value of imports declined by a billion dollars. The United Arab Emirates (UAE) was at third place, importing 87 million carats good for 18 per cent of all imports in terms of volume and 14 per cent in terms of value. Diamond industry analysts said despite heavy increase in rough diamond prices, Indian diamantaires were undeterred.The value of rough diamonds mined in South Africa grew by 147 per cent, Botswana by 17 per cent, Russia by 15 per cent and Canada by 47 per cent.Diamond industry analyst Aniruddha Lidbide said, “Global rough diamond production has increased after almost a decade of the economic slump of 2008. This is a positive sign that diamond mining companies are increasing their capacity and diamond consuming countries like India their buying capacity. There is no impact of GST, whatsoever on the import of rough diamonds in India.”

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