Commodity Online
MUMBAI: It is not in just gold imports and scrap gold exports that India is showing its bullion mettle. India has beat global diamond leader Belgium in the export of polished diamonds.

According to the latest data available, India has emerged as the second largest exporter of polished diamonds in February and March, losing out to Israel but overtaking Belgium.

Israel, registering exports of USD 119.6 million, leads the pack compared to USD 106.4 million for India and USD 74.1 million for Belgium.

The numbers are not all that good news for the industry as February sales are only half of what they were a year ago.
The Israeli diamond industry shrank 60 percent in the fourth quarter of 2008, compared to the same period the year before when diamond prices started falling steadily.

According to a report from IDEX Online, exports of polished diamonds in Belgium fell 36.43 percent in February compared to February 2008, totaling $758.73 million with the volume of exports declining 32.7 percent to 577,14 4 carats. The average value of exports declined 5.53 percent to $1,314.63 per carat.

The low February exports follow the level of trade witnessed in January.

Polished diamond imports dropped even further. Imports of 493,291 carats valued at $541.3 million fell 40 percent and 37.9 percent, respectively. The average value of imports increased 3.6 percent to $1,097.32 p/c.

Net trade in February rose a sharp 140 percent in volume to 83,854 carat while dropping 32.5 percent in value to just $217.43 million.

Hong Kong was the leading export destination in February with $271.79 worth of goods. The U.S. followed with $156.5 million, a 44 percent decline.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook