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India Sees Drop in Rough, Polished Trading

May 22, 2022 9:46 AM   By Rapaport News
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India’s polished-diamond exports slipped 3% year on year in April, while rough imports fell 23%, reflecting a global slowdown amid the Russia-Ukraine war. Polished exports fell by volume, while the average price increased, according to recent data from the Gem & Jewellery Export Promotion Council (GJEPC).

India Trade Data for April 2022

  April 2022 Year-on-year change
Polished exports $2.2B -3%
Polished imports $112M -19%
Net polished exports $2.05B -2%
Rough imports $1.31B -23%
Rough exports $28M -44%
Net rough imports $1.28B -22%
Net diamond account $765M 75%
Polished exports: volume 2.2 million carats -15%
Average price of polished exports $970/carat 14%
  January-April 2022 Year-on-year change
Polished exports $8.39B 6%
Polished imports $481M -46%
Net polished exports $7.91B 13%
Rough imports $6.62B 14%
Rough exports $322M 31%
Net rough imports $6.3B 13%
Net diamond account $1.6B 15%
Polished exports: volume 8.7 million carats -12%
Average price of polished exports $967/carat 21%

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 diamond-manufacturing city of Surat, India. (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, Russia, Ukraine
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