India’s Polished Exports Decline in August
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|
|Net polished exports||$1.75B||-8%|
|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|
|Net polished exports||$15.32B||4%|
|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)