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India’s Diamond Trade Slows in November
Dec 18, 2018 7:18 AM
By Rapaport News
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RAPAPORT... The Indian trade fell by most key measures in November,
according to data from the Gem & Jewellery Export Promotion Council
(GJEPC). Polished exports slid to their lowest level since December 2016, when demand dropped in the aftermath of
India’s banknote demonetization, while rough shipments also
dropped significantly. The year-on-year slumps come amid weaker demand for
smaller goods, and reflect the timing of Diwali, which occurred in November,
while last year the festival was in October.
| Millions unless stated otherwise |
Nov 2018 |
Year-on-year change |
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| Polished exports |
$1,561 |
-12% |
| Polished imports |
$65 |
-65% |
| Net polished exports |
$1,496 |
-6% |
| Rough imports |
$929 |
-52% |
| Rough exports |
$87 |
-47% |
| Net rough imports |
$842 |
-53% |
| Net diamond account |
$654 |
2017: Deficit of $194M |
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| Polished exports: volume |
1.9 million carats |
-28% |
| Average price of polished exports |
$832/carat |
23% |
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Jan-Nov 2018 |
Year-on-year change |
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| Polished exports |
$23,081 |
7% |
| Polished imports |
$1,412 |
-35% |
| Net polished exports |
$21,669 |
12% |
| Rough imports |
$15,132 |
-7% |
| Rough exports |
$1,181 |
-17% |
| Net rough imports |
$13,950 |
-6% |
| Net diamond account |
$7,719 |
72% |
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| Polished exports: volume |
29.5 million carats |
-10% |
| Average price of polished exports |
$782/carat |
19% |
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)
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Tags:
India, net diamond account, polished, Rapaport News, rough, trade data
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