India’s Diamond Exports Seen Sluggish on Weak US, China Demand
- Overseas sales declined 10% in year to March to $22 billion
- Supply constraints remain due to payment issues with Russia
The nation reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s diamond exporters are bracing for a difficult year as demand from their main markets — the US and China — remains weak following economic slowdowns, according to the Gem & Jewellery Export Promotion Council.
The nation, which is the world’s top polishing hub, reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March, driven by inconsistent Russian rough-diamond supplies and softer demand in key global markets. Those challenges will prolong sluggishness in sales this year, said Vipul Shah, chairman of the state-backed industry group.