Cut and polished diamond exports from the country fall by around 50 percent in May this year compared to the corresponding month previous year, according to recent data released by the Gems and Jewellery Export Promotion Council (GJEPC).

India's May diamond export figures released recently by GJEPC showed that exports of cut and polished diamonds fell to 25.74 lakh carats from 51.22 lakh carats in May 2011.

In value terms, the fall in exports was 44 percent - from $2,240 million to $1,245 million in the same period.

The decline in May was steeper than in April this year, which saw exports decline 35 percent in terms of value as compared to April 2011.

While cut and polished diamond exports of fell in May, the data shows that imports of rough diamonds also fell 20 percent during the period.

According to traders, the sharp fall in the rupee has hit diamond both imports.

The Indian diamond industry imports rough stones which are cut and polished within the country before they are exported.