India Sees Rise in Polished Exports

RAPAPORT... India's polished-diamond exports grew 8% in March, accordingto data the nation's Gem and Jewellery Export Promotion Council (GJEPC)released Friday. Shipments increased to $2.03 billion year on year for themonth, with the volume of exports falling 8% to 2.8 million carats, the GJEPCfigures showed. The average price of exports jumped 18% to $721 per carat. Polished imports slumped 34% to $192 million, resulting innet polished exports - calculated as polished exports minus polished imports - rising16% to $1.83 billion. Rough imports climbed 5% to $1.68 billion, while roughexports fell 24% to $140 million. Net rough imports, representing rough importsminus rough exports, went up 9% to $1.54 billion. India's net diamond account - total rough and polishedexports minus total imports - leaped 76% to $293 million in March. In the January-to-March period, polished exports increased11% to $6.54 billion, while polished imports slipped 24% to $487 million,according to Rapaport calculations. Net polished exports climbed 15% to $6.05billion. Rough imports rose 10% to $4.8 billion for the three months,with rough exports sliding 25% to $357 million. Net rough imports grew 14% to $4.44billion. The country's net diamond account increased 18% to $1.61 billion forthe period. During the Indian fiscal year that ended March 31, polishedexports increased 4% to $23.73 billion, while total gem and jewelry exports fell5% to $40.97 billion, the GJEPC added. "With changing lifestyles and improvement in livingstandards, the gems and jewelry sector is likely to grow at a rapid pace," saidPramod Agrawal, chairman of the trade body. The GJEPC expects the industry's workforceto expand by an extra three million people by 2022, he added.