India’s polished-diamond exports rose in August, albeit at a gentler pace than the previous month, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).

Shipments increased 69% year on year to $2.05 billion amid a sharp climb in volume alongside a higher average price. July had seen a 146% jump to $2.26 billion, India’s highest for any month since February 2019.

India Trade Data for August 2021

 

	August 2021	Year-on-year change
Polished exports	$2.05B	69%
Polished imports	$121M	-32%
Net polished exports	$1.93B	86%
Rough imports	$1.21B	143%
Rough exports	$65M	187%
Net rough imports	$1.14B	141%
Net diamond account	$789M	40%
Polished exports (volume)	2.9 million carats	55%
Average price of polished exports	$705/carat	9%
	January-August 2021	Year-on-year change
Polished exports	$16.29B	105%
Polished imports	$1.35B	1%
Net polished exports	$14.94B	126%
Rough imports	$11.53B	190%
Rough exports	$384M	24%
Net rough imports	$11.15B	204%
Net diamond account	$3.79B	29%
Polished exports (volume)	21.1 million carats	91%
Average price of polished exports	$772/carat	8%

Source: Gem & Jewellery Export Promotion Council; Rapaport archives.

About the data:

 India, the world’s largest diamond-cutting center, is a net importer of rough and a net exporter of polished. As such, 

net polished exports

 — representing polished exports minus polished imports — will usually be a positive number. 

Net rough imports

 — calculated as rough imports minus rough exports — will also generally be in surplus. The

 net diamond account

 is total rough and polished exports minus total imports. It is India’s diamond trade balance, and shows the added value the nation creates by manufacturing rough into polished.

Image: A scene at the India International Jewellery Show (IIJS) Premiere show, which took place in Bengaluru in September. (GJEPC)