In November 2016 the export of diamonds from India decreased by 10% compared to the same period last year, to $ 1.18 billion, versus $ 1.32 billion in November 2015. This is evidenced by the preliminary data of the Council to promote the export of gems and jewelery (Gem and Jewellery Export Promotion Council, GJEPC).
By volume, polished exports fell to 2.13 million carats to 1.58 million carats.
Rough imports in value terms nearly doubled to $ 1.19 billion in November 2016 compared to $ 624.9 million in November 2015, when there was a difficult situation in the industry. In volume diamond imports rose to 8.55 million carats against 6.43 million carats in the same period last year.
Polished imports grew by 12.5% in November 2016 in India, up to $ 165.83 million, compared to $ 147.43 million in November, a year earlier.
For 8 months of 2016 fiscal year (April-November), India's polished exports rose by 12.23% to $ 15.41 billion against $ 13.73 billion in the same period a year earlier. Also during the reporting period the volume of diamond exports declined from 22.59 million carats to 21.60 million carats.
Since the beginning of fiscal year 2016 (April-November), the import of rough diamonds to India increased by 30.5% compared to the same period last year to $ 11.29 billion, against $ 8.66 billion a year earlier. By volume, this figure increased by 15% to 92.58 million carats, against 80.5 million carats a year earlier.
The weaker performance of the diamond industry are explained by the closure of the Indian diamond cutting enterprises to celebrate Diwali festival in November, as well as the decision of the Indian authorities to stop the circulation of banknotes in denominations of 500 and 1000 rupees.
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A ban on the export of unprocessed tanzanite was introduced in Tanzania in late 2010 in order to create greater added value from the sale of stones, as well as to counter smuggling.
This prohibition felt the many cutters throughout Asia that depend on the supply of tanzanite.
Smuggling of tanzanite is usually carried out through Kenya, added Kalaghe.
Meanwhile, Marketing Manager Mainland Gemstone Idd Kavamba (Idd Kawamba) told Rough & Polished, the ban should only be removed in the event that Tanzania will not be able bounding the rough stones in sufficient volume.
"The ban on the export of large stones became a big problem for the dealers," - he says.
"Gems consumption in Tanzania is very small, and because most of them are exported. Even if we leave the jewels in the country and create jewelry with them, none of the residents of the country can not afford them, although it is possible that in a few years, some of the locals and will be able to buy a ring worth $ 5 million. If the export rules will continue to be tough, it becomes a problem. "for us
He added that the company's dominant position TanzaniteOne prevented many smaller local firms stay afloat.
"They dominated the market, setting their own prices, but now it's different, and we can do business," - adds Kavamba.
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