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India’s Polished Exports Hit Three-Year Low

Aug 4, 2019 8:47 AM   By Rapaport News
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RAPAPORT... India’s polished-diamond exports slid 13% in the first six months of the year, reaching their lowest level since a market slump in the second half of 2015. The drop reflected a slowdown in the trading and manufacturing sectors, resulting from weak liquidity and profitability. Rough and polished trading also fell significantly in June, according to data from the Gem & Jewellery Export Promotion Council.

The declines in polished exports are mainly because of lower volumes. The average price has been more positive, improving 6% in the first half.

India Trade Data for June 2019

Millions unless stated otherwise June 2019 Year-on-year change
     
Polished exports $1,679 -19%
Polished imports $106 -25%
Net polished exports $1,573 -19%
Rough imports $969 -37%
Rough exports $111 3%
Net rough imports $858 -40%
Net diamond account $715 38%
     
Polished exports: volume 2.2 million carats -19%
Average price of polished exports $751/carat 0%
     
     
Millions unless stated otherwise 1H 2019 Year-on-year change
     
Polished exports $11,154 -13%
Polished imports $569 -32%
Net polished exports $10,586 -12%
Rough imports $7,064 -25%
Rough exports $775 18%
Net rough imports $6,289 -28%
Net diamond account $4,297 32%
     
Polished exports: volume 13.9 million carats -18%
Average price of polished exports $801/carat 6%

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 polished diamond in tweezers. (Shutterstock)
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Tags: India, net diamond account, net polished exports, Net rough imports, Polished Diamonds, polished exports, polished imports, Rapaport News, Rough Diamonds, rough exports, rough imports, trade data
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