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Higher Average Price Lifts India Exports
Mar 21, 2022 8:39 AM
By Rapaport News
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RAPAPORT... India’s polished-diamond exports rose 14% year on year in February, while rough imports jumped 40%, according to data the Gem & Jewellery Export Promotion Council (GJEPC) released last week. An increase in the average price of outbound polished shipments outweighed a drop in volume.
India Trade Data for February 2022
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February 2022 |
Year-on-year change |
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| Polished exports |
$1.98B |
14% |
| Polished imports |
$114M |
-48% |
| Net polished exports |
$1.86B |
23% |
| Rough imports |
$2.06B |
40% |
| Rough exports |
$93M |
27% |
| Net rough imports |
$1.97B |
41% |
| Net diamond account |
-$104M |
2021: Surplus of $117M |
| Polished exports: volume |
2.2 million carats |
-3% |
| Average price of polished exports |
$917/carat |
17% |
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January-February 2022 |
Year-on-year change |
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| Polished exports |
$4.03B |
14% |
| Polished imports |
$201M |
-53% |
| Net polished exports |
$3.83B |
24% |
| Rough imports |
$3.28B |
20% |
| Rough exports |
$160M |
53% |
| Net rough imports |
$3.12B |
19% |
| Net diamond account |
$712M |
51% |
| Polished exports: volume |
4.3 million carats |
-5% |
| Average price of polished exports |
$934/carat |
20% |
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: India Gate, New Delhi. (Shutterstock)
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Tags:
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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