Gems and Jewellery Export Promotion Council (GJEPC) in its statistical data has shown the export of polished diamonds to have increased by 28 per cent in February 2013. Compared to $1.4 billion worth of polished diamond export in February 2012, India exported $1.84 billion worth of polished diamonds in February 2013.

A senior executive of GJEPC said, "Export of cut and polished diamonds started falling month-wise after the imposition of 2 per cent of import duty on the polished diamonds. But, February 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 per cent. It means the industry is on the track of recovery and round-tripping of diamonds has stopped completely."

Official sources said the main export markets for the cut and polished diamonds were Hong Kong, the US, UAE, Israel and Belgium.

On the import front, Indian diamantaires imported about 13.48 million carats of rough diamonds between April 2012 and February 2013, an increase of 16 per cent compared to 11.66 million carats during the same period in the previous year.

Sabhyasachi Ray, executive director, GJEPC told TOI, "It seems the base effect of 2 per cent import duty on polished diamonds witnessed in the industry since January 2012, has actually gone The bad days for the industry are over as the export of diamonds in February 2013 has increased phenomenally." A DTC sightholder said, "The year 2013 seems promising for the Indian diamond industry.

Demand has started coming in from the US, the UK, Japan and China. India's polished diamond export is expected to cross $21 billion in 2013-14."

The export of cut and polished diamonds between April 2012 and February 2013 had seen a sharp decline of 29 per cent compared to the same period in the previous year.