India's Polished Diamond Exports +24% in May 2011 .

India’s polished diamond exports rose 24 percent year on year to $2.22 billion in May 2011, according to the Gem & Jewellery Export Promotional Council (GJEPC). By volume, polished exports grew 18 percent to 5.042 million carats as the average price of the diamonds increased 5 percent to $440.68 per carat.

Polished imports to India jumped 54 percent to $1.55 billion during the month, while net polished exports, representing the excess of exports over imports, fell 16 percent to $668 million.

Rough imports grew 44 percent to $1.41 billion during the month with volumes declining by 32 percent to 10.629 million carats. The average price on the rough imports more than doubled to $132.97 per carat. Rough exports rose 99 percent to $155.3 million and net rough imports, the excess of imports over exports, rose 39 percent to $1.26 billion.

India’s May net diamond account, representing the total exports of polished and rough diamonds less total imports, fell to a deficit of $590.1 million, compared to a deficit of $113.1 million a year earlier.

During the first five months of 2011, India’s polished exports rose 36 percent to $13.44 billion while polished imports increased 72 percent to $11.01 billion. Net polished exports declined by 30 percent to $2.43 billion.

Rough imports rose 27 percent to $6 billion and rough exports grew 65 percent to $620.3 million. Net rough imports increased by 24 percent to $5.39 billion.

India’s net diamond account for January through May fell to a deficit of $2.96 billion, from a deficit of $894.4 million in the same period of 2010.

Source : diamonds.net