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India’s Polished Exports Fall in March

May 6, 2019 10:28 AM   By Rapaport News
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RAPAPORT... India’s polished exports dropped 8% year on year to $1.86 billion in March, reflecting continued weakness in the diamond market. Lower volumes outweighed a rise in the average price, according to data the Gem & Jewellery Export Promotion Council (GJEPC) released recently. Rough imports also fell, as demand from manufacturers slowed due to a tightening of credit in the sector.

India Trade Data for March and 1Q 2019

Millions unless stated otherwise March 2019 Year-on-year change
     
Polished exports $1,864 -8%
Polished imports $110 -43%
Net polished exports $1,754 -4%
Rough imports $1,414 -16%
Rough exports $199 42%
Net rough imports $1,215 -21%
Net diamond account $539 84%
     
Polished exports: volume 2.4 million carats -16%
Average price of polished exports $791/carat 10%
     
     
Millions unless stated otherwise Jan-Mar 2019 Year-on-year change
     
Polished exports $5,954 -9%
Polished imports $290 -40%
Net polished exports $5,663 -6%
Rough imports $3,651 -24%
Rough exports $425 19%
Net rough imports $3,227 -27%
Net diamond account $2,437 51%
     
Polished exports: volume 7.38 million carats -14%
Average price of polished exports $807/carat 6%


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. (Bharat Diamond Bourse)
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Tags: Average Price, 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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