India's Polished Diamond Exports -44% in May

India's polished diamond exports fell by 44 percent year on year to $1.245 billion in May, the fifth straight monthly decline this calendar year, according to provisional data provided by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports fell 50 percent to 2.574 million carats during the month, Rapaport reported.
Polished imports dropped 88 percent to $194.3 million by value. India’s polished imports have reduced significantly since the country imposed a 2 percent import duty on cut and polished diamonds from January 17, 2012.
However, the country’s net polished exports, representing the excess of exports over imports, rose 59 percent to $1.051 billion in May.
Rough diamond imports fell 20 percent to $1.135 billion during the month, while rough exports declined 25 percent to $116.9 million. India's net rough imports, or imports less exports, fell 20 percent to $1.018 billion.
India's May net diamond account - the total of polished and rough exports less the total of polished and rough imports – stood at $32.6 million, compared with a deficit of $603.1 million one year ago.
During the first five months of 2012, India's polished diamond exports fell 42 percent to $7.913 billion, while polished imports declined 74 percent to $2.870 billion. Rough imports were up 9 percent to $6.600 billion and rough exports rose 9 percent to $722.2 million.
India's net diamond account for the January to May period registered a deficit of $834.5 million compared with a deficit of $2.877 billion one year ago.