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Higher Average Price Lifts India Exports

Mar 21, 2022 8:39 AM   By Rapaport News
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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

  February 2022 Year-on-year change
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%
  January-February 2022 Year-on-year change
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)
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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