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India’s Polished Exports Hit Four-Year High

Nov 30, 2021 8:06 AM   By Rapaport News
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 India’s polished-diamond exports jumped 45% year on year to $2.56 billion in October, the highest since September 2017, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). The increase reflected US holiday demand, as well as the Indian manufacturing sector’s pre-Diwali spike in activity.

India Trade Data for October 2021

  October 2021 Year-on-year change
Polished exports $2.56B 45%
Polished imports $130M -50%
Net polished exports $2.43B 61%
Rough imports $1.38B 2%
Rough exports $65M 21%
Net rough imports $1.31B 1%
Net diamond account $1.1B 441%
Polished exports (volume) 3.6 million carats 47%
Average price of polished exports $702/carat -1%
  January-October 2021 Year-on-year change
Polished exports $20.76B 84%
Polished imports $1.61B -13%
Net polished exports $19.15B 104%
Rough imports $14.58B 118%
Rough exports $573M 30%
Net rough imports $14B 124%
Net diamond account $5.14B 62%
Polished exports (volume) 27.3 million carats 71%
Average price of polished exports $759/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: The Bharat Diamond Bourse in Mumbai. (Rapaport News)
Tags: Average Price, data, exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data
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