India increased diamond imports by 11% in September

INTERFAX – India imported 8.8 million carats of rough diamonds in September 2024, up 11% from a year earlier, according to preliminary data from the Gem & Jewellery Export Promotion Council (GJEPC).
In terms of value, imports are estimated at $779 million, down 25% from September last year but up 16% from August 2024 ($672 million). The August figure was 54% lower than the previous year.
In August 2024, Indian diamond cutters cut purchases, with one of the largest Indian players in the industry, Kiran Gems, announcing a 10-day production shutdown. Mining companies, in turn, are cutting supply to speed up the release of excess diamond stocks from cutters, which are preventing them from resuming rough diamond purchases. Imports of synthetic diamonds in September are estimated at $63 million, down 26% y/y.
India’s polished diamond exports in September totaled 1.52 million carats, down 17% y/y but 13% higher than August (1.34 million carats). These volumes are estimated at $1.29 billion, down 23% from September 2023 but 24% higher than August.
India’s synthetic diamond exports in September fell 16% y/y to $111 million.
India is one of the world’s leading buyers of diamonds, primarily small rough diamonds from Russia, and the world’s largest diamond manufacturing center, producing 95% of the world’s diamonds.