Polished diamonds exports soar in Feb

  • | Thursday | 21st March, 2019

However, February’s export represent 34% increase over $1.75 billion of diamonds shipped out in January.Further indicating slowdown in the manufacturing sector, the import rough diamond also witnessed a sharp decrease in Feburary.According to GJEPC data, import of rough diamonds to Surat also followed a similar pattern to that of polished diamonds, down 18% the same month last year. Surat: Diamantaires in Surat have reason to celebrate ahead of Holi festival.While still lagging behind the levels of activity recorded in February 2018, India's diamond trade rebounded from a remarkably poor showing in January 2019.According to figures released by Gem and Jewellery Export Promotion Council (GJEPC), exports of cut and polished diamonds from India fell by 3.51% year-on-year during the month of February 2019 to $2.34 billion as compared to the $2.43 billion exported in February 2018. In volume terms, rough imports for the year have fallen by 12% from 171 million carats in April 2017 – Feb 2018 to 150 million carats in the same period in the current fiscal year.Diamond industry analyst, Aniruddha Libdibe said, “The overall business sentiment in the industry is subdued for the last one year and it is further going to deteriorate in the coming months due to liquidity crunch in the market” In value terms, it was $1.38 billion compared to $1.68 billion, but seeing a 61% rise from the $858 million worth of rough imported last month.For the fiscal year to date (April 2018 - Feb 2019), polished diamond exports are up slightly by just over a percentage point at $21.95 billion as against the $21.70 billion exported over the same months last year, while their imports fell by 40% to $1.22 billion this year as compared to $2.04 billion for the same period of the previous year.Meanwhile, imports of rough diamonds have experienced a sharper, 17% decline $14.31 billion from $17.21 billion a year earlier as the manufacturing activity in the cutting centres slowed down to various factors including squeezing bank finance, decrease in prices etc..

Surat: Diamantaires in Surat have reason to celebrate ahead of Holi festival.While still lagging behind the levels of activity recorded in February 2018, India's diamond trade rebounded from a remarkably poor showing in January 2019.According to figures released by Gem and Jewellery Export Promotion Council (GJEPC), exports of cut and polished diamonds from India fell by 3.51% year-on-year during the month of February 2019 to $2.34 billion as compared to the $2.43 billion exported in February 2018. However, February’s export represent 34% increase over $1.75 billion of diamonds shipped out in January.Further indicating slowdown in the manufacturing sector, the import rough diamond also witnessed a sharp decrease in Feburary.According to GJEPC data, import of rough diamonds to Surat also followed a similar pattern to that of polished diamonds, down 18% the same month last year. In value terms, it was $1.38 billion compared to $1.68 billion, but seeing a 61% rise from the $858 million worth of rough imported last month.For the fiscal year to date (April 2018 - Feb 2019), polished diamond exports are up slightly by just over a percentage point at $21.95 billion as against the $21.70 billion exported over the same months last year, while their imports fell by 40% to $1.22 billion this year as compared to $2.04 billion for the same period of the previous year.Meanwhile, imports of rough diamonds have experienced a sharper, 17% decline $14.31 billion from $17.21 billion a year earlier as the manufacturing activity in the cutting centres slowed down to various factors including squeezing bank finance, decrease in prices etc.. In volume terms, rough imports for the year have fallen by 12% from 171 million carats in April 2017 – Feb 2018 to 150 million carats in the same period in the current fiscal year.Diamond industry analyst, Aniruddha Libdibe said, “The overall business sentiment in the industry is subdued for the last one year and it is further going to deteriorate in the coming months due to liquidity crunch in the market”

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