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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
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%
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)
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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