India Diamond Shipments See Moderate Growth
India’s polished-diamond exports rose 2% year on year in June, reflecting a sharp climb in the average price, according to recent data from the Gem & Jewellery Export Promotion Council (GJEPC). The increase follows a 4% jump in shipments for May.
India Trade Data for June 2022
|June 2022||Year-on-year change|
|Net polished exports||$1.9B||1%|
|Net rough imports||$1.71B||4%|
|Net diamond account||$185M||-22%|
|Polished exports: volume||2.1 million carats||-27%|
|Average price of polished exports||$950/carat||40%|
|January-June 2022||Year-on-year change|
|Net polished exports||$11.77B||10%|
|Net rough imports||$9.41B||12%|
|Net diamond account||$2.36B||3%|
|Polished exports: volume||13.2 million carats||-13%|
|Average price of polished exports||$946/carat||21%|
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 merchants in Mahidharpura, Surat, India, in April 2015. (Shutterstock)