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India Polished Exports Slip in July

Aug 28, 2022 8:33 AM   By Joshua Freedman
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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

  July 2022 Year-on-year change
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%
  January-July 2022 Year-on-year change
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)
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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