India’s polished-diamond exports fell 7% year on year to $1.88 billion in August, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). However, rough imports increased during the month, indicating an inventory buildup at manufacturers.

India Trade Data for August 2022

 

	August 2022	Year-on-year change
Polished exports	$1.88B	-7%
Polished imports	$132M	8%
Net polished exports	$1.75B	-8%
Rough imports	$1.36B	12%
Rough exports	$101M	-24%
Net rough imports	$1.26B	17%
Net diamond account	$487M	-42%
Polished exports: volume	2.2 million carats	-24%
Average price of polished exports	$851/carat	22%
	January-August 2022	Year-on-year change
Polished exports	$16.31B	1%
Polished imports	$985M	-27%
Net polished exports	$15.32B	4%
Rough imports	$13.14B	14%
Rough exports	$545M	-3%
Net rough imports	$12.59B	14%
Net diamond account	$2.72B	-28%
Polished exports: volume	17.5 million carats	-17%
Average price of polished exports	$930/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: Diamond manufacturing in Surat, India. (Shutterstock)