1990: Diamond Exports India Brought Considerable Foreign Currency to Country
India’s 1996 diamond exports were down 9.2%, India’s Gem and Jewelry Export Promotion Council (GJEPC) reported. The Indian diamond fiscal year runs from April 1- March 31.
Clearly, the weakness of the European and Japanese markets contributed to the drop in Indian exports as did the lower prices of many categories of diamonds which are manufactured in India.
Jewelry sales in India stayed steady. And total diamond exports alone came to $4.234 billion and remains the second largest source of foreign currency in the country.
India is already in the process of moving from being a processor of only low-grade labor-intensive diamonds to better qualities and larger sizes — including fancy shapes, as new technologies are introduced into the local diamond-cutting industry.