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India Polished Trade Strengthens at Start of Year

Feb 15, 2021 5:52 AM   By Rapaport News
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India has recorded its third consecutive monthly rise in polished-diamond exports, with shipments increasing 9% year on year to $1.8 billion in January. That followed gains of 42% in November and 38% in December, reflecting a release of pent-up demand ahead of the US and Chinese holidays, as well as post-festival restocking. Rough imports jumped amid strong demand at Alrosa and De Beers’ opening contract sales of 2021.

India Trade Data for January 2021

  January 2021 Year-on-year change
Polished exports $1.8B 9%
Polished imports $203M 26%
Net polished exports $1.6B 8%
Rough imports $1.26B 65%
Rough exports $30M -60%
Net rough imports $1.23B 78%
Net diamond account $375M -53%
Polished exports: volume 2.3 million carats 2%
Average price of polished exports $786/carat 8%

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 worker holding a diamond in an Indian polishing factory. (Shutterstock)
Tags: Alrosa, De Beers, 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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