Diamond Imports from India Surge 55%
Source: Commodity Online (7/1/10)
"[India] is about 70% supply of all diamonds worldwide."
Based on the outlook of each of the main diamond jewelry markets, including the United States, Europe, Asia-Pacific, Japan and the Middle East, the demand is expected to grow by 33% over the next eight years.
As per the provisional figures revealed by the Gems and Jewellery Export Promotion Council (GJEPC), imports of rough diamonds at US$ 978.05 million (rupees 4,479.46 crores) in May 2010 have shown a 55.42% growth (46.51% rupee term) compared with the imports at US$ 630.02 million (rupees 3,057.48 crores) for May 2009. These imports are a 71.5% increase in volume and 55.2% increase in the value of imports compared to May 2009. Compared to May 2008, India's gross rough diamond imports increased 6.6% and net imports are 3.6% higher.
Out of the total annual $14 billion rough diamond market worldwide, India imports (for re-export) about $8 billion roughs every year, translating into about 130 million carats a year. It is about 70% supply of all diamonds worldwide.
As per GJEPC's calculation, India's rough diamond imports in 2009-10 (April–March) stood at $9.03 billion, up from $7.91 billion a year ago. India's 2009 net diamond account improved by 94 percent to negative $83.6 million. India's diamond imports increased to 25 percent in 2009 from 20 percent in 2008 mainly because of cost-competitiveness in small and middle range jewelry.