Rise in rough diamonds

In October, India experienced a decline in the export of polished diamonds, coupled with a rise in rough diamond imports. This trend was influenced by the ongoing sluggish global demand and a strategic move by manufacturers to bring goods into the country before a scheduled two-month shipment suspension. The Gem & Jewellery Export Promotion Council (GJEPC) disclosed a significant 33% year-on-year drop in polished diamond exports, totaling $1.26 billion. In contrast, inbound rough shipments increased by 9% to reach $1.02 billion, defying the voluntary two-month import pause initiated on October 15 to reduce inventory levels. The decline in rough diamond prices before the optional freeze, combined with the Diwali holiday, presented an opportune moment for Indian companies to engage in purchases, as highlighted by GJEPC chairman Vipul Shah.