India's polished diamond exports experienced a significant downturn in September, with a decrease of 22.9% year-on-year, according to the latest figures from the Gem and Jewellery Export Promotion Council (GJEPC). While this drop marks an improvement compared to August's decline of 23.8%, the trend reflects ongoing challenges within the sector. 

From April to September, total foreign sales of polished diamonds fell by 20.6%, highlighting a concerning pattern for the industry as a whole. However, the monthly sales figures tell a slightly more optimistic story: total foreign sales for September reached $1.29 billion, up from $1.04 billion in August and $908 million in July.

In the broader context of India’s gems and jewelry sector, gross exports amounted to $2.54 billion in September, which represents a year-on-year decline of 15.9%. This decline in overall exports is slightly more favorable than the decrease observed in polished diamonds.

Exports of polished lab-grown diamonds, while still a minor segment of the overall diamond market, also saw a decline, falling 16.5% to $111 million in September.

These figures reflect the challenges faced by the diamond export sector amid fluctuating market conditions, as industry stakeholders continue to navigate the complexities of global demand and consumer preferences.