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India Trade Slides Amid Uncertainty

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AVI KRAWITZ • 21-11-2022

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 2022Year-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:  
Volume2.2 million carats-39%
Average price$845/carat20%
 January-October 2022Year-on-year change
Polished exports$20.33B-1%
Polished imports$1.2B-25%
Net polished exports$19.13B1%
Rough imports$16.63B7%
Rough exports$706M3%
Net rough imports$14.92B7%
Net diamond account$4.21B-17%
Polished exports:  
Volume22.1 million carats-19%
Average price$922/carat23%

Data from the Gem & Jewellery Export Promotion Council (GJEPC) and Rapaport calculations.

Polished diamond at a factory in India. (Shutterstock)

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