Global price drop cuts India’s spending on diamond imports by 43%
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In July, India’s imports of rough diamonds in monetary terms decreased by 43% compared to July 2022, amounting to just over $1.1 billion, according to a report by the Gem & Jewelery Export Promotion Council. , GJEPC). In June, the cost of purchasing raw materials amounted to $1.3 billion.
The volume of imports in physical terms in July decreased by 21% (11.34 million carats) compared to July 2022, and 6% less than in June (12.05 million carats). Based on these data, the average price of diamonds imported to India has also expectedly decreased: in July it was $97 per carat compared to $113 in May.
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