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India’s Polished Exports Fall 41% in February

Apr 12, 2020 7:14 AM   By Rapaport News
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India’s polished-diamond trade slowed in February, reflecting lower demand from Hong Kong and China due to the coronavirus. Exports dropped 41% to $1.38 billion, while rough imports rose, according to data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). 


India Trade Data for February 2020


  Feb 2020 Year-on-year change
     
Polished exports $1.38B -41%
Polished imports $249M 166%
Net polished exports $1.13B -50%
Rough imports $1.47B 6%
Rough exports $77M -38%
Net rough imports $1.39B 11%
Net diamond account -$257M 2019: Surplus of $992M
     
  Jan-Feb 2020 Year-on-year change
     
Polished exports $3.03B -26%
Polished imports $410M 128%
Net polished exports $2.62B -33%
Rough imports $2.23B 0%
Rough exports $151M -33%
Net rough imports $2.08B 3%
Net diamond account $544M -71%


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: A display at the IIJS Signature show in Mumbai, February 2020. (GJEPC)
Tags: exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, net diamond account, Rapaport News, trade data
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