Some Recovery in India’s Polished Exports

India’s gross exports of polished diamonds showed some signs of recovery during December, after a couple of months of volatility.

Foreign sales were $773m, down 10.4 per cent in dollar terms on the same month in 2023, according to the latest figures from the Gems and Jewellery Export Promotion Council (GJEPC).

But that compares to a steep year-on-year drop of 40 per cent in November, with total sales of $660m.

That came after a 11.3 per cent increase in October, when sales hit just over $1.4bn.

Before that GJEPC recorded significant year-on-year drops for every month of the year, with foreign sales in September down 22.9 per cent to $1.29bn.

India’s diamond manufacturing has been badly hit by the ongoing slump in prices and demand, with an estimated 30,000 workers having been laid off in Surat over the last six months.

December’s fall in polished diamond exports was broadly in line with the whole gem and jewelry sector (down 10.3 per cent at just under $2bn).

Source: DCLA