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Indian polished diamond exports drop in March
 
MUMBAI, INDIA, 29 April, 2009 [AFNS] – India’s Gem & Jewellery Export Promotion Council (GJEPC) reported that the country's polished diamond exports dropped 24 percent to $1.1 billion last month. Meanwhile, polished imports fell 17 percent to $616 million.

Indian imports of rough stones plummeted 57 percent to $311.3 million, while rough exports dropped by a more moderate 13 percent to $60.1 million.

Rapaport News reported that India’s polished exports fell 33 percent to $2.8 billion in the quarter ending March 31, while polished imports slipped 12 percent to $1.6 billion.

Rough imports slumped 71 percent to $738.6 million, while rough exports declined 5 percent to $164.7 million.

Commenting on India's fiscal year which ends March 31, GJEPC Chairman Vasant Mehta said the recession in the United States had a strong impact on India’s gem and jewelry trade in the second half of the fiscal year.

The GJEPC said that the United Arab Emirates (UAE) had been India’s largest export destination during the fiscal year for the gem and jewellery sector, accounting for 31 percent of its total exports.

Meanwhile, Hong Kong accounted for 25 percent and the United States imported 20 percent. Overall, gem and jewellery exports edged up 2 percent to $21.1 billion.

Antwerp Facets News Service (AFNS)