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India Polished Exports Slip in July
Aug 28, 2022 8:33 AM
By Joshua Freedman
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RAPAPORT... India’s polished-diamond exports fell 13% year on year in July, according to recent data from the Gem & Jewellery Export Promotion Council (GJEPC). The decline reflects a global market slowdown and an unfavorable comparison with 2021’s post-lockdown rebound.
India Trade Data for July 2022
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July 2022 |
Year-on-year change |
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| Polished exports |
$1.93B |
-13% |
| Polished imports |
$131M |
23% |
| Net polished exports |
$1.8B |
-15% |
| Rough imports |
$1.95B |
25% |
| Rough exports |
$29M |
-58% |
| Net rough imports |
$1.92B |
29% |
| Net diamond account |
-$121M |
2021: Surplus of $638M |
| Polished exports: volume |
2.1 million carats |
-30% |
| Average price of polished exports |
$915/carat |
23% |
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January-July 2022 |
Year-on-year change |
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| Polished exports |
$14.43B |
2% |
| Polished imports |
$854M |
-31% |
| Net polished exports |
$13.57B |
6% |
| Rough imports |
$11.78B |
14% |
| Rough exports |
$443M |
3% |
| Net rough imports |
$11.33B |
14% |
| Net diamond account |
$2.24B |
-24% |
| Polished exports: volume |
15.3 million carats |
-16% |
| Average price of polished exports |
$942/carat |
22% |
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 marquise-cut diamond under inspection. (Shutterstock)
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Tags:
exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, Joshua Freedman, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, rough exports, rough imports, trade data
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