Figures released by the Gem and Jewellery Export Promotion Council (GJEPC) and quoted by IDEX Online show that India’s cut and polished diamond exports “went down a third” in March when compared to February to total $1.6 billion.
Overall gross export of polished diamonds in March fell 33.05% year-on-year in US dollars to total roughly $1.6 billion. From April 2022 – March 2023, the overall gross exports of cut & polished diamonds fell 2.97% to $2.2 billion.
Talking about the decline in cut & polished exports, Vipul Shah, Chairman of GJEPC, commented: “Global challenges affected the demand for diamonds in India’s key markets, including USA and China. But certain regions in Europe and South-East Asia fared well. India encountered difficulties due to inconsistent Russian rough diamond supply and challenges with beneficiation, as countries such as Namibia, Botswana, and Angola prefer to have their rough diamonds cut in their own countries.”
Vipul added that “however, stability would return to the diamond sector in the coming months, especially with improved conditions in China and Far East Asia.”
