Indian Diamond Export Touches $2.15 bn in Oct | SupportBiz


Indian Diamond Export Touches $2.15 bn in Oct

Trade of synthetic diamonds increase, although concerns regarding mixing of natural and lab grown diamonds are being voiced from international markets.

According to the Gems and Jewellery Export Council (GJEPC), India’s polished diamond export has increased by 56 per cent annually to $2.15 billion in October. Also, the eye-catching report reveals that during the first ten months of 2013, India’s polished export rose 26% to $18.278 billion in addition to the doubling in the amount of lab-grown diamonds to $62.3 million.

The diamonds were majorly exported to the United States, Hong Kong and the United Arab Emirates. According to the sources, most of the synthetic lab-grown diamonds are imported from China and sold in the local markets in Mumbai and Surat. Synthetic diamonds are purchased from the market and then are processed in factories based in Surat, Bhavnagar and Amreli.

TOI quoted an industry insider saying, “There has been a phenomenal rise in the import of synthetic lab-grown diamonds this year. This could be attributed to the increase in rough diamond prices, forcing some to go for cheap synthetic lab-frown diamonds. The problem starts when these synthetic diamonds are mixed with natural diamond parcels without any disclosures.’’

A GJEPC official said, “This year’s Christmas season has been very good for diamantaires. We are yet to calculate the total polished diamond export in November.’’