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India’s Polished Trade Extends Recovery

Jul 18, 2021 7:17 AM   By Rapaport News
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India’s polished-diamond exports registered their eighth consecutive year-on-year increase as the market continued to rebound, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). Shipments more than doubled to $2 billion in June 2021 versus $898.3 million a year earlier, when the Covid-19 crisis was still affecting the sector. Rough imports also jumped sharply following strong sales at the month’s De Beers sight.

India Trade Data for June 2021

  June 2021 Year-on-year change
Polished exports $2B 123%
Polished imports $89M -54%
Net polished exports $1.91B 171%
Rough imports $1.7B 461%
Rough exports $57M 82%
Net rough imports $1.64B 504%
Net diamond account $269M -38%
Polished exports: volume 2.9 million carats 144%
Average price of polished exports $687/carat -9%
  January-June 2021 Year-on-year change
Polished exports $11.98B 106%
Polished imports $1.12B 18%
Net polished exports $10.86B 124%
Rough imports $8.77B 170%
Rough exports $272M 2%
Net rough imports $8.5B 185%
Net diamond account $2.36B 26%
Polished exports: volume 15.2 million carats 97%
Average price of polished exports $789/carat 5%

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 cutters in Surat, India. (Shutterstock)
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Tags: COVID-19, data, De Beers, exports, Gem & Jewellery Export Promotion Council, GJEPC, India, net diamond account, net polished exports, Net rough imports, polished, Polished Diamonds, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data
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