India More Than Triples Rough Diamond Imports in February

The following article is published courtesy of IDEX online

Image courtesy of IDEX online

India imported $983.6 million worth of rough diamonds in February, more than triple its imports in February 2009. The country imported 16.67 million carats of rough during the month.

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.

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