Good news for India: Diamonds sparkle again in US.

This piece of news is sure to bring smiles on the faces of Indian diamantaires. With its economy reviving after facing the worst crisis in several decades, US’s imports of polished diamonds have exceeded the pre-recession levels, for the first time in two years.

According to official data, the US imported polished diamonds worth $1.78 billion in June 2010, 11.6% higher than imports of $1.60 billion in June 2008, and 82% more than imports of $0.98 billion in June 2009.

This is the first time in two years that diamond imports in the US have exceeded the levels seen before the global downturn, which was at its peak in the second and first halves of 2008 and 2009 respectively.

“The US is the biggest consumer of diamonds, accounting for 40%-45% of the precious stones mined anywhere in the world. It is also the biggest market for Indian diamonds and jewellery industries. So, any improvement in diamond demand from the US is a very positive development for us,” Govind Dholakia, chairman of Shree Ramkrishna Exports, a leading diamond export company, told DNA.

Diamond sales in US have shown a steady increase in the last few months. Diamond industry experts from Surat said they are hoping the momentum will continue till Christmas, the peak season for diamond sales.

“The situation in the US has been improving slowly but steadily. We are hoping that this momentum will last till the all-important Christmas season,” said Jitu Miyani, executive director of Kiran Exports.

For the first six months of 2010, the US has imported polished diamonds worth $8.82 billion, almost 64% more than imports of $5.64 billion in the first six months of 2009.

Source : dnaindia.com