India Trade Drops Sharply in March

RAPAPORT... India's diamond shipments declined heavily in March as the coronavirus crisis hit the US market. Polished exports slumped 48% to $960 million, while rough imports fell 65% to $293 million as Indian manufacturers demonstrated less demand. The country's total rough and polished trade fell 48% to $1.57 billion - the lowest monthly total since Rapaport records began in 2009.Exports of polished lab-grown diamonds fell 19% to $20.2 million - the first year-on-year decline since the Gem & Jewellery Export Promotion Council started releasing data for the category in June 2019.All the year-on-year figures are on a "same ports" basis, meaning the comparative amounts for March 2019 exclude shipments at ports for which numbers were unavailable in March 2020.

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