Rough Diamond Imports Doubled in Last One Decade

In the last one decade, India has emerged as the world’s leading diamond cutting and polishing centre with phenomenal increase in rough diamond imports. Starting from a mere $7.5 billion worth of rough diamond imports in 2008-09, imports of rough diamonds 2017-18 have shot up to $18 billion.

Industry sources said increase in rough diamond imports is attributed to increased overseas demand and ease of doing business. However, industry sources predict imports of rough diamond are likely to remain low in the coming months with banks squeezing finance to diamond companies following multi-crore bank scams in the country.

According to the data shared by GJEPC, imports of rough diamond registered phenomenal increase in the last one decade from $7.5 billion to $18.8 billion in 2017-18. Last year, Directorate of Revenue Intelligence investigating a money laundering racket, found that a couple of groups were allegedly importing rough diamonds at inflated rates to remit black money out of Indian shores. Imports of rough diamonds are mainly from Hong Kong and Dubai.

Courtesy: Times of India