(IDEX Online) - India's diamond exports are set to exceed $20bn this financial year - an increase of 20 per cent.That's according to an analysis of 70 diamantaires rated by CRISIL, the Mumbai-based Crisil ratings agency.In recent months pent-up demand and stimuli buoyed demand for diamonds and jewelry in the US and China, it says, which account for 75 percent of India's polished diamond exports.Manufacturing is currently said to be operating at just over 80 per cent capacity, but with enough inventory to last in the short term.Economic growth and declining unemployment are also helping the recovery, it says. Restrictions on travel and large celebrations also mean consumers are more likely to spend on diamonds and jewelry."Exports have been rising, and averaging about $2bn per month since October 2020," said CRISIL director Rahul Guha."To be sure, there will be some moderation in the second quarter of this fiscal, which is a lean period typically. "But the festival season that begins in the export destinations from the third quarter will boost revenue to pre-pandemic levels. That will be tantamount to a 20 per cent growth in diamond exports by revenue this fiscal."