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India Polished Shipments Extend Recovery

Oct 5, 2021 5:15 AM   By Rapaport News
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India’s polished-diamond exports rose in August, albeit at a gentler pace than the previous month, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).

Shipments increased 69% year on year to $2.05 billion amid a sharp climb in volume alongside a higher average price. July had seen a 146% jump to $2.26 billion, India’s highest for any month since February 2019.

India Trade Data for August 2021

  August 2021 Year-on-year change
Polished exports $2.05B 69%
Polished imports $121M -32%
Net polished exports $1.93B 86%
Rough imports $1.21B 143%
Rough exports $65M 187%
Net rough imports $1.14B 141%
Net diamond account $789M 40%
Polished exports (volume) 2.9 million carats 55%
Average price of polished exports $705/carat 9%
  January-August 2021 Year-on-year change
Polished exports $16.29B 105%
Polished imports $1.35B 1%
Net polished exports $14.94B 126%
Rough imports $11.53B 190%
Rough exports $384M 24%
Net rough imports $11.15B 204%
Net diamond account $3.79B 29%
Polished exports (volume) 21.1 million carats 91%
Average price of polished exports $772/carat 8%

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: A scene at the India International Jewellery Show (IIJS) Premiere show, which took place in Bengaluru in September. (GJEPC)
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Tags: Gem & Jewellery Export Promotion Council, GJEPC, India, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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