India's net rough diamond imports increased to 2.8 million carats worth $689.4 million in August, at the height of the rough diamond upward rush.

The net imports are a 37.9% in volume and 14.9% in value, based on figures released by the GJEPC.

The average price of the net imported goods increased to $246.21 per carat.

Gross rough diamond imports of $830.5 million are a 20.1% year-over-year rise, while the 5.4 million carats that entered the country in August are a 33.4% drop in volume. The average value of gross imports is $153.80 p/c.

India exported 2.6 million carats of rough worth $141.1 million, declining 4.1% in volume and soaring 57.4% in value. Exports averaged $34.42 p/c.

Until early August, Indian traders were purchasing rough diamonds with gusto, willing to pay increasingly more for the goods. In early August, the tide started to change and the sentiment cool as polished prices stopped increasing and traders started to face liquidity pressure.

The sentiment did not prevent large imports of goods, mainly by DTC sightholders and Alrosa clients because both are contractually bound to these purchases, at least in theory. Sightholders have the option of turning down goods, known as Buy Backs, however they exercise that right sporadically.