Reflecting a serious slowdown in the global trade for diamonds, India's polished diamond exports were to an all time low at 18.34 per cent and rough diamond imports were down at 42.9 per cent in July 2015 when compared to the corresponding period previous year.

This was revealed in the latest data released by the Gems and Jewellery Export Promotion Council (GJEPC) on Monday.

Exports of cut and polished diamonds in July 2015 were $1.51 billion down 18.34% from to $1.85 billion in July 2014. In volume terms, the decline was 14.40%, with the centre exporting 2.80 million carats in July this year as against 3.26 million carats a year earlier.

Similarly, imports of rough diamonds in July fell by 42.9% to $1 billion against US$ 2 billion last year. In volume terms, 9.36 million carats of rough were imported during July, a decline of 40% compared with the imports of 15.59 million carats in July 2014.

Export of gold jewellery (plain and studded) was also down during the same period, falling by 14.67% from $613.44 million last year to $523.42 million in July. However, exports of gold coins and medallions shot up sizably from $84.95 million last year to $426.85 million in July this year.

On a cumulative basis between April - July 2015, cut and polished diamond exports were down 10.19% to US$ 6.75 billion and rough imports were down 25.8% to US$ 5.2 billion.

Dinesh Navadia, regional chairman, GJEPC said, "The markets in China, US, UK, Middle East are very weak and the demand is not picking up. On the other hand, there is no question of buying rough diamonds due to the skyrocketing prices and the polished diamonds prices reducing. Most of the clients of big mining companies like De Beers and Alrosa have been rejecting more than 80 per cent of the goods this time."

Source:timesofindia.indiatimes.com