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India Starts Year with Robust Diamond Exports

Feb 15, 2022 10:23 AM   By Rapaport News
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India’s diamond sector enjoyed its best January in four years as the trade restocked following a strong holiday season. The country’s polished exports rose 15% year on year to $2.05 billion, reflecting a higher average price, according to data the Gem & Jewellery Export Promotion Council (GJEPC) released this week.

India Trade Data for January 2022

  January 2022 Year-on-year change
Polished exports $2.05B 15%
Polished imports $87M -57%
Net polished exports $1.96B 24%
Rough imports $1.21B -4%
Rough exports $67M 115%
Net rough imports $1.15B -7%
Net diamond account $816M 130%
Polished exports: volume 2.2 million carats -6%
Average price of polished exports $952/carat 23%

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: Diamond merchants at work in Surat, India, in 2015. (Shutterstock)
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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