Cut diamond imports dip by 14.44% in April-Nov period
23 Feb 2018 10:46 PM IST
Mumbai: Imports of cut and polished diamonds declined by 14.44 per cent to $1,527.43 million during the April to November period last year, against the year-ago period, the Gem and Jewellery Export Promotion Council (GJEPC) claimed on Friday.
It stood at $1,785.17 million during the April to November period in 2016.
The return consignments stood almost the same at $4,945 million for the period under review, compared with $4,978 million in the year-ago period, according by GJEPC.
GJEPC released a statement on Friday in the wake of a media report recently which claimed the imports of cut diamonds that haven't been mounted rose 284 per cent in April-November 2017 to Rs 40,809 crore, or $6.3 billion, from Rs 10,672 crore in the year-ago period. The jewellery association on Friday said the total $6.3-billion cut and polished diamonds imports included actual imports and return consignments, both terms officially used by the customs department.
While the former are actual imports and are based on monetary transactions, return consignments comprise gems and jewellery (including diamonds) taken abroad for export or brand promotion and certification by international laboratories, which are returned with certificates and with no monetary transactions, it said.
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