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India’s Polished Exports See Further Rise

Jun 16, 2021 10:04 AM   By Rapaport News
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Shipments of polished diamonds out of India increased year on year in May, albeit at a gentler pace than in April, according to data the country’s Gem & Jewellery Export Promotion Council (GJEPC) released this week. Rough imports jumped more than sevenfold, reflecting a comparison with the peak of the coronavirus crisis in 2020.

India Trade Data for May 2021

  May 2021 Year-on-year change
Polished exports $2.01B 131%
Polished imports $135M 28%
Net polished exports $1.88B 146%
Rough imports $1.25B 601%
Rough exports $58M 559%
Net rough imports $1.2B 603%
Net diamond account $680M 15%
Polished exports: volume 2.4 million carats 160%
Average price of polished exports $826/carat -11%
  January-May 2021 Year-on-year change
Polished exports $9.97B 104%
Polished imports $1.03B 36%
Net polished exports $8.94B 116%
Rough imports $7.07B 140%
Rough exports $216M -9%
Net rough imports $6.85B 153%
Net diamond account $2.09B 46%
Polished exports: volume 12.3 million carats 88%
Average price of polished exports $814/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: Bharat Diamond Bourse. (Rapaport News)
Tags: Gem & Jewellery Export Promotion Council, GJEPC, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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