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India’s Diamond Trade Bounces Back in May

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Rapaport News • 20-06-2022

India’s rough imports rose 14% to $1.43 billion in May as the country sought to offset the decline in Russian rough supply. Polished exports grew 4% year on year to $2.09 billion, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). Both measures had declined in April.

The government is targeting 17% growth in all gem and jewelry exports in the current fiscal year that ends March 31, 2023, GJEPC chairman Colin Shah said in a statement.

“I believe we’re witnessing India’s steady progress towards becoming the gem and jewelry manufacturer of choice for the rest of the world,” Shah stressed. “The government has pushed the goalpost forward by another 17% to $45.7 billion for fiscal 2022-23. I’m confident that the groundwork laid by trade agreements with UAE [United Arab Emirates] and Australia will help us in reaching this new target.”

“GJEPC remains proactive in identifying new opportunities to counterbalance the effects of the Russia-Ukraine conflict,” he added.

India diamond trade data for May 2022


 May 2022Year-on-year change
Polished exports$2.09B4%
Polished imports$121M-10%
Net polished exports$1.97B5%
Rough imports$1.43B14%
Rough exports$38M-36%
Net rough imports$1.4B16%
Net diamond account$573M-15%
Polished exports: volume2.4 million carats-1%
Average price of polished exports$867/carat5%
 January-May 2022Year-on-year change
Polished exports$10.48B5%
Polished imports$602M-42%
Net polished exports$9.88B10%
Rough imports$8.06B14%
Rough exports$359M19%
Net rough imports$7.7B13%
Net diamond account$2.18B1%
Polished exports: volume11.1 million carats-10%
Average price of polished exports$945/carat16%

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: Diamond polishing equipment at a factory in Surat, India. (Rapaport News)

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