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India Polished Shipments Extend Recovery

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Rapaport News • 04-10-2021

Indias polished-diamond exports rose in August, albeit at a gentler pace than the previous month, according to recent data from the countrys 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, Indias highest for any month since February 2019.

India Trade Data for August 2021


 August 2021Year-on-year change
Polished exports$2.05B69%
Polished imports$121M-32%
Net polished exports$1.93B86%
Rough imports$1.21B143%
Rough exports$65M187%
Net rough imports$1.14B141%
Net diamond account$789M40%
Polished exports (volume)2.9 million carats55%
Average price of polished exports$705/carat9%
 January-August 2021Year-on-year change
Polished exports$16.29B105%
Polished imports$1.35B1%
Net polished exports$14.94B126%
Rough imports$11.53B190%
Rough exports$384M24%
Net rough imports$11.15B204%
Net diamond account$3.79B29%
Polished exports (volume)21.1 million carats91%
Average price of polished exports$772/carat8%

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

About the data:

 India, the worlds 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 Indias 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)

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