India saw an increase in rough imports in October as global demand remained slow and manufacturers brought goods into the country ahead of a two-month shipment freeze.
Polished exports fell 33% year on year to $1.26 billion, the Gem & Jewellery Export Promotion Council (GJEPC) reported earlier this month. Inbound rough shipments rose 9% to $1.02 billion despite a two-month voluntary pause on imports aimed at reducing inventories. The policy came into effect on October 15.
A decline in rough prices ahead of the optional freeze and the Diwali holiday created an opportunity for Indian companies to buy,
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