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India Polished Exports Drop 31% in 2020

Jan 21, 2021 12:22 AM   By Rapaport News
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India’s polished-diamond exports fell 31% to $14.17 billion in 2020, according to Rapaport calculations based on data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).

A slump during the peak of the coronavirus crisis outweighed a recovery in the fourth quarter, with polished exports up 38% year on year in December amid holiday demand and restocking.

“The recent upsurge in spending on diamonds, riding on a combination of pent-up demand and recovery in retail offtake in key markets such as the US and China, is expected to help India’s diamond industry contain its decline,” noted Crisil Ratings, an Indian credit agency owned by S&P Global.

The Indian diamond industry’s revenues will decline around 20% for the current fiscal year ending March 31, Crisil estimated — a more positive outlook than the 33% drop it had previously expected.

India Trade Data for December 2020

  December 2020 Year-on-year change
     
Polished exports $1.74B 38%
Polished imports $120M -21%
Net polished exports $1.62B 47%
Rough imports $1.75B 9%
Rough exports $24M -67%
Net rough imports $1.73B 13%
Net diamond account -$110M Deficit decreased 74%
Polished exports: volume 2.2 million carats 28%
Average price of polished exports $796/carat 8%
     
  Full Year 2020 Year-on-year change
     
Polished exports $14.17B -31%
Polished imports $2.14B 58%
Net polished exports $12.02B -38%
Rough imports $9.19B -33%
Rough exports $653M -50%
Net rough imports $8.54B -32%
Net diamond account $3.49B -48%
Polished exports: volume 20.4 million carats -26%
Average price of polished exports $694/carat -7%


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: Diamond manufacturing in Surat, India. (Shutterstock)
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Tags: data, Gem & Jewellery Export Promotion Council, GJEPC, India, Polished Diamonds, Rapaport News, trade data
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