India Trade Slides Amid Uncertainty
India’s main jewelry body gave a cautious outlook for the diamond industry after polished exports and rough imports fell sharply in October.
“[The] export growth outlook of the diamond industry is clouded with uncertainty due to geopolitical concerns, disruptions in [the] global supply chain, [an] economic downturn in major economies, diminished supply of rough diamonds and rising inflation that may reduce consumer demand for luxury products,” the Gem & Jewellery Export Promotion Council (GJEPC) said in a fiscal half-year report published this week.
Polished exports declined 26% year on year to $1.89 billion during October, the council noted in a separate report. Rough imports slumped 32% to $933 million.
The upcoming festive season, trade shows and the potential lifting of Covid-19 restrictions in China could boost polished exports in the short term, the group added.
India Trade Data for October 2022
| October 2022 | Year-on-year change | |
| Polished exports | $1.89B | -26% |
| Polished imports | $99M | -23% |
| Net polished exports | $1.79B | -26% |
| Rough imports | $933M | -32% |
| Rough exports | $44M | -32% |
| Net rough imports | $888M | -32% |
| Net diamond account | $903M | -19% |
| Polished exports: | ||
| Volume | 2.2 million carats | -39% |
| Average price | $845/carat | 20% |
| January-October 2022 | Year-on-year change | |
| Polished exports | $20.33B | -1% |
| Polished imports | $1.2B | -25% |
| Net polished exports | $19.13B | 1% |
| Rough imports | $16.63B | 7% |
| Rough exports | $706M | 3% |
| Net rough imports | $14.92B | 7% |
| Net diamond account | $4.21B | -17% |
| Polished exports: | ||
| Volume | 22.1 million carats | -19% |
| Average price | $922/carat | 23% |
Data from the Gem & Jewellery Export Promotion Council (GJEPC) and Rapaport calculations.
Polished diamond at a factory in India. (Shutterstock)
