India-British Trade + Diamonds

(via the-week) According to London-based Commonwealth Business Council, rough diamonds accounted for as much as 70 percent of British exports to India until two years ago. Nearly half that level now, they still account for 33 percent of exports, often concealed in official trade reports as 'non-metallic mineral manufactures'. Scrap metals account for another three percent. Although India is the third largest consumer of diamonds, with an eight percent share after America (51 percent) and Japan (11 percent), much of the diamonds sold to India through Britain are thought to head straight to Surat, Gujarat, for cutting and polishing. Eleven out of every 12 diamonds sold around the world are processed in India, irrespective of where they are mined. In terms of value, the exported precious stones are worth around 1.1 billion pounds ($2 billion).The Commonwealth Business Council figures, which are to be released officially later this month in its report, 'India UK Trade and Investment Flows 2008', are backed up by British government statistics.

Useful link:
www.cbcglobal.biz