India Polished Exports Drop 31% in 2020

RAPAPORT... India's polished-diamond exports fell 31% to $14.17 billion in 2020, according to Rapaport calculations based on data from the country's Gem & Jewellery Export Promotion Council (GJEPC).A slump during the peak of the coronavirus crisis outweighed a recovery in the fourth quarter, with polished exports up 38% year on year in December amid holiday demand and restocking."The recent upsurge in spending on diamonds, riding on a combination of pent-up demand and recovery in retail offtake in key markets such as the US and China, is expected to help India's diamond industry contain its decline," noted Crisil Ratings, an Indian credit agency owned by S&P Global.The Indian diamond industry's revenues will decline around 20% for the current fiscal year ending March 31, Crisil estimated - a more positive outlook than the 33% drop it had previously expected. India Trade Data for December 2020

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