Large Polished Diamond Imports by India in January, Exports $2.1 Billion.

India imported in January more polished diamond than it exported, according to the latest provisional figures released by the GJEPC. The manufacturing center imported $166.1 million more than it exported, this while gross polished diamond exports increased by 23.4 percent to $2.11 billion.

The volume of polished exports, 4.78 million carats, decreased by 1.4 percent, pushing up the average value of exports to $441.63 p/c from $352.68 p/c in January 2009.

Polished diamond exports totaled $2.28 billion on imports of 4.07 million carats, shooting up year-over-year by 119.6 percent and 48.2 percent respectively. The average value of imports stood at $560.06 p/c.

The GJEPC did not explain the unusual figures, however, a high level of returns after the 2010 November-December holiday season may partially explain the trend. Another reason could be the high prices loose goods achieved in India, leading to a collection of goods from U.S. based wholesalers.

Other import drivers may include expected consumer demand in India or early measures of inventory shifting ahead of regional trade shows.

Source : idexonline.com