India’s polished-diamond exports reached their highest level in more than two years as manufacturers rushed to meet retail demand.

India’s polished-diamond exports reached their highest level in more than two years as manufacturers rushed to meet retail demand. April shipments came to $2.25 billion, compared with $35 million during the onset of the coronavirus pandemic a year earlier. The total was also 37% higher than the same period of 2019, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).

India Trade Data for April 2021

 

	April 2021	Year-on-year change
Polished exports	$2.25B	6423%
Polished imports	$141M	3638%
Net polished exports	$2.11B	6764%
Rough imports	$1.7B	2020: $0
Rough exports	$50M	2020: $0
Net rough imports	$1.65B	2020: $0
Net diamond account	$464M	1408%
Polished exports: volume	2.6 million carats	52160%
Average price of polished exports	$861/carat	-88%
	January-April 2021	Year-on-year change
Polished exports	$7.96B	97%
Polished imports	$896M	37%
Net polished exports	$7.07B	109%
Rough imports	$5.82B	103%
Rough exports	$158M	-31%
Net rough imports	$5.66B	114%
Net diamond account	$1.41B	91%
Polished exports: volume	9.8 million carats	76%
Average price of polished exports	$811/carat	12%

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: Bharat Diamond Bourse. (Rapaport News)