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India Starts Year with Export Slump
Feb 20, 2019 8:18 AM
By Rapaport News
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RAPAPORT... India’s polished-diamond exports dropped 16% to $1.75 billion in January,
continuing their recent weakness. A slide in the volume of shipments outweighed
a higher average price, according to data the Gem & Jewellery Export
Promotion Council (GJEPC) released this week. Rough imports also plunged,
mirroring a similar trend in the Belgian market in January as demand from manufacturers
slowed. The month is usually stronger due to post-holiday restocking by
retailers and dealers.
India Trade Data for January 2019
| $ Millions unless stated otherwise |
Jan 2019 |
Year-on-year change |
| |
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|
| Polished exports |
$1,748 |
-16% |
| Polished imports |
$86 |
-37% |
| Net polished exports |
$1,662 |
-15% |
| Rough imports |
$858 |
-40% |
| Rough exports |
$102 |
-3% |
| Net rough imports |
$756 |
-43% |
| Net diamond account |
$906 |
47% |
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| Polished exports: volume |
2.2 million carats |
-20% |
| Average price of polished exports |
$799/carat |
4% |
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 Gateway of India in Mumbai. (Güldem Üstün/Flickr)
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Tags:
exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, net diamond account, net polished exports, Net rough imports, polished, polished exports, polished imports, polished-diamond exports, Rapaport News, rough, rough exports, rough imports, trade data
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