India's September polished diamond exports declined 39 percent year on year to $1.507 billion, while polished imports plunged 72 percent to $371 million, according to provisional trade data provided by the Gems & Jewellery Export Promotion Council (GJEPC). Net polished exports were flat at $1.136 billion.

Rough diamond imports surged 44 percent to $1.349 billion in September, while rough exports fell by only 1 percent to $157.8 million. India's net rough imports jumped 51 percent year on year to $1.191 billion for the month.

India's net diamond account in September, measuring total exports less imports, fell to a deficit of $55 million compared with net polished exports of $361 million one year ago.

For the 2012 calendar year to date, India's polished diamond exports have fallen 41 percent to $13.282 billion and polished imports dropped 22 percent to $4.141 billion

Rough imports, on the other hand, have increased 7 percent year on year to $10.856 billion, while rough exports were basically flat at $1.236 billion. India's net diamond account for the first nine months of 2012 registered a polished export deficit of $479 million, which was much improved from a deficit of $4.7 billion one year ago.