India’s polished diamond exports declined 2.2 percent year on year to $1.65 billion in January, according to provisional data from the Gem & Jewellery Export Promotion Council (GJEPC). Imports of polished diamonds fell 14.5 percent to $512.2 million, leaving net exports 4.3 percent higher at $1.138 billion.

India's rough diamond imports in January rose 27.4 percent year on year to $1.257 billion, while rough exports fell 28.3 percent to $124.3 million, leaving net imports 39.3 percent higher at $1.133 billion. India's net diamond account, reflecting the difference between net exports and net imports, fell 98 percent to $5 million in January.

Exports of synthetic stones during the month skyrocketed 148 percent to $8.64 million, while imports of finished synthetic stones fell 1 percent to $7.43 million. Rough synthetic stone imports surged 42 percent to $10.1 million.