India's Diamond Trade Bounces Back in May

RAPAPORT... India's rough imports rose 14% to $1.43 billion in May as the country sought to offset the decline in Russian rough supply. Polished exports grew 4% year on year to $2.09 billion, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). Both measures had declined in April. The government is targeting 17% growth in all gem and jewelry exports in the current fiscal year that ends March 31, 2023, GJEPC chairman Colin Shah said in a statement. "I believe we're witnessing India's steady progress towards becoming the gem and jewelry manufacturer of choice for the rest of the world," Shah stressed. "The government has pushed the goalpost forward by another 17% to $45.7 billion for fiscal 2022-23. I'm confident that the groundwork laid by trade agreements with UAE [United Arab Emirates] and Australia will help us in reaching this new target.""GJEPC remains proactive in identifying new opportunities to counterbalance the effects of the Russia-Ukraine conflict," he added.India diamond trade data for May 2022

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