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India Polished Shipments Rebound

Apr 21, 2021 2:19 AM   By Rapaport News
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India’s polished-diamond exports more than doubled year on year in March, reflecting a release of pent-up demand and a favorable comparison with the start of the coronavirus crisis in 2020. Shipments stood at $2.16 billion for the month, up from $965 million a year earlier, according to data the country’s Gem & Jewellery Export Promotion Council (GJEPC) released in recent days.

India Trade Data for March 2021

  March 2021 Year-on-year change
Polished exports $2.16B 124%
Polished imports $332M 39%
Net polished exports $1.83B 152%
Rough imports $1.4B 120%
Rough exports $37M -52%
Net rough imports $1.36B 143%
Net diamond account $464M 180%
Polished exports: volume 2.7 million carats 88%
Average price of polished exports $799/carat 19%
  January-March 2021 Year-on-year change
Polished exports $5.71B 43%
Polished imports $755M 16%
Net polished exports $4.96B 48%
Rough imports $4.12B 44%
Rough exports $108M -53%
Net rough imports $4.01B 52%
Net diamond account $946M 33%
Polished exports: volume 7.2 million carats 30%
Average price of polished exports $792/carat 10%

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: 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
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