Exports of diamonds last month were just north of $1.5 billion, down by over 18 per cent from to $1.85 billion at the same time last year.
Volume wise, this decline was over 14 per cent, Indian trade exporting over 2.80 million carats in July this year, against 3.26 million carats last year.
Similarly, imports of rough diamonds in July fell 42.9 per cent to $1 billion against $2 billion last year. In volume terms, 9.36 million carats of rough were imported in July, a decline of 40 per cent compared with imports of 15.6 million carats in July 2014.
However the main markets both for rough and polished diamonds remained strong in places like Holland. Sourcing from Alrosa, the largest producer of rough diamonds. Another would be to make Mumbai a more attractive market in the global diamond trade, as India already cuts over 80% of the world’s diamonds.