India recorded $628 Mn worth of diamond exports in 2023

 India is the biggest diamond exporter in the world. India is the largest market for the raw diamond, stones, jewellery sets and other diamond related products. India import export data shows that around $25 billion worth of diamond exports were recorded during fiscal year 2023. In Jan 2024, India recorded an exceptional $628 million worth of diamonds. 

During fiscal year 2023, India's most of the diamond exports went to Hong Kong and the United States contributing to 80% of India's overall diamond exports. Exports share wise, other major markets for India's diamond were Belgium (9.8%), United Arab Emirates (2.7%) and Thailand (2.3%). Also, there was a significant rise in India's diamond exports to Israel, Switzerland, United Kingdom and Australia during last year.

As per India export data, the biggest gems exporting companies from India during 2023 were Kiran Gems, Gia India Laboratory and Dharmanandan Diamonds. Whereas, Emby International from the United States, Star Asia from Thailand and Diarough from Belgium were responsible for the maximum number of diamond import shipments from India last year.

On the other hand, according to the latest India customs data, the United States was the biggest diamond importer in January 2024. The USA has imported around $243 million worth of Indian diamonds. Whereas, Hong Kong ($126 Mn) and the United Arab Emirates ($78 Mn) stood as the other prominent markets for Indian diamond exports. 

There was a frequent growth in Belgium diamond imports, that is $72 million in January. Among the fastest growing markets were Thailand, Japan, Switzerland, Italy and the United Kingdom. The biggest jewelry companies like KGS Jewels from the United States, Dimexon from Belgium and Alfion from Switzerland have shown great interest in diamond imports from India.

Whereas, India import data suggests that the country's diamond imports were $5.8 billion during the financial year 2023. During March month, the highest diamond imports were made by India with an estimated value of $1.01 billion. Among the top suppliers were the United States, Hong Kong, Belgium and the United Arab Emirates. Whereas, India's imports of diamonds were estimated to be $295 million. 

Experts forecast that the demand for India's cut and polished diamonds might decrease during this year. This might impact India's diamond exports this year. Indian companies could minimize this uncertainty, financial risk, and explore the opportunities through global import export data provider. These reports will provide insights over top trending goods, price, quantity, countries, ports volume, competitors and potential companies.

In terms of Diamond exports, India's major competitors are United Arab Emirates, Belgium, United States, Israel, and Botswana. Whereas, Hong Kong, China, Israel, Switzerland and Belgium are the top diamond importers globally. A trade database could lend Indian companies genuine international buyers from these markets. 

It gives real time shipment analysis over buyers purchasing activities, their interest and competitor companies. It could help companies figure out their loopholes, and identify key performance factors for their business. Through these insights, companies can expand their business as per the varying global market trends and demands.