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India’s Diamond Exports Fall in November

Dec 25, 2019 4:14 AM   By Rapaport News
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RAPAPORT... India’s polished-diamond exports fell 25% to $1.17 billion in November, reflecting a decline in the volume of shipments and the average price. However, rough imports increased 32%, partly due to the timing of Diwali, which occurred in October, whereas last year it was in November. Indian manufacturers close for the festival season, resulting in lower rough demand.

India Trade Data for November 2019

  Nov 2019 Year-on-year change
     
Polished exports $1,169 -25%
Polished imports $118 81%
Net polished exports $1,051 -30%
Rough imports $1,231 32%
Rough exports $95 7%
Net rough imports $1,136 35%
Net diamond account -$85 2018: Surplus of $655M
     
Polished exports: volume 1.7 million carats -9%
Average price of polished exports $683/carat -17%
     
     
  Jan-Nov 2019 Year-on-year change
     
Polished exports $19,363 -16%
Polished imports $1,202 -15%
Net polished exports $18,161 -16%
Rough imports $12,396 -18%
Rough exports $1,232 4%
Net rough imports $11,163 -20%
Net diamond account $6,998 -9%
     
Polished exports: volume 25.8 million carats -13%
Average price of polished exports $750/carat -4%

All numbers in millions unless stated otherwise.

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 in Mumbai. (Rapaport News)
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Tags: Gem & Jewellery Export Promotion Council, India, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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