India Polished Exports Slip in July
India’s polished-diamond exports fell 13% year on year in July, according to recent data from the Gem & Jewellery Export Promotion Council (GJEPC). The decline reflects a global market slowdown and an unfavorable comparison with 2021’s post-lockdown rebound.
India Trade Data for July 2022
|July 2022||Year-on-year change|
|Net polished exports||$1.8B||-15%|
|Net rough imports||$1.92B||29%|
|Net diamond account||-$121M||2021: Surplus of $638M|
|Polished exports: volume||2.1 million carats||-30%|
|Average price of polished exports||$915/carat||23%|
|January-July 2022||Year-on-year change|
|Net polished exports||$13.57B||6%|
|Net rough imports||$11.33B||14%|
|Net diamond account||$2.24B||-24%|
|Polished exports: volume||15.3 million carats||-16%|
|Average price of polished exports||$942/carat||22%|
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 marquise-cut diamond under inspection. (Shutterstock)