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India’s Diamond Trade Slows in October

Nov 23, 2017 3:19 AM   By Rapaport News
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India’s diamond trade showed a significant slowdown in October as dealers and manufacturers took vacation for the Diwali festival. 

Polished-diamond exports slid 23% to $1.93 billion, according to data recently published by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, exports dropped 17% to 2.7 million carats, with the average price declining 7% to $716 per carat.

Polished imports fell 30% to $137.5 million, the GJEPC said, leaving net polished exports — representing exports minus imports — down 23% to $1.79 billion.

Rough imports plunged 36% to $806.8 million, reflecting a weakened rough market as Diwali fell in the middle of October, about two weeks earlier than last year. The value of De Beers’ October sight, at $370 million, was 25% lower than the equivalent sale in 2016, largely due to the timing of the festival, the mining company said at the time.

India's rough exports slumped 31% to $69.8 million, while net rough imports fell 36% to $737.1 million. India’s net diamond account, calculated as total rough and polished exports minus total imports, decreased 10% to $1.06 billion.

Image: David Talukdar/Shutterstock
Tags: De Beers, Diamond trade, Diwali, exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, polished imports, polished-diamond exports, Rapaport News, rough imports, trade data
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