The following article is published courtesy of IDEX online
Image courtesy of IDEX online
India’s gross February imports mark a 362.3 percent year-over-year growth in value and 311.3 percent growth in volume, reflecting the rise in business activity as well as the price of rough.
India exported $80.7 million worth of rough diamonds, weighing 2.97 million carats, a 78.9 percent rise in value and 104.1 percent rise in volume, according to data published by the Gem & Jewellery Export Promotion Council (GJEPC).
Net imports in February stood at $902.9 million.
India’s diamond industry is enjoying a strong revival in recent moths, quickly bouncing back from the global economic crisis. Polishing facilities in Surat are largely back to pre-crisis activity, though many of the laid off workers refused to return to work, feeling that the diamond industry is not a stable one.
As a result, polishing facilities are hiring new hands, investing in training and paying the price of lost knowledge.
However, major diamond suppliers, including De Beers, Alrosa and Rio Tinto, are focusing their attention on the Indian market that displayed great resilience in the face of economic hardship.