Cut diamond imports surge fourfold to Rs 408 billion, raises questions

Import of cut (or polished) diamonds has jumped fourfold this financial year to Rs 408.09 billion ($6.3 billion) from Rs 106.72 billion in 2016-17, according to commerce department data. Of the imports, worth Rs 320.28 billion, 78 per cent was from unspecified sources, raising questions over the sudden increase in imports.

Imports from Hong Kong, the biggest source of polished diamonds, was down 25% to Rs 38.48 billion from the year-earlier period.

Experts told The Economic Times that such an occurence was uncommon as any import from unknown sources are generally marked to specific countries when the numbers are reconciled.