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India Sees Highest Polished Exports Since Feb. 2019

Aug 17, 2021 9:07 AM   By Rapaport News
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India’s polished-diamond exports continued to exceed pre-pandemic levels in July as the market extended its recovery.

The outgoing shipments more than doubled year on year to $2.26 billion, the highest since February 2019, according to data the country’s Gem & Jewellery Export Promotion Council (GJEPC) released this week.

Rough imports also showed a significant increase, reflecting sales momentum at the large mining companies.

India Trade Data for July 2021

  July 2021 Year-on-year change
     
Polished exports $2.26B 146%
Polished imports $106M -47%
Net polished exports $2.15B 200%
Rough imports $1.56B 574%
Rough exports $47M 145%
Net rough imports $1.51B 613%
Net diamond account $645M 27%
Polished exports (volume) 3 million carats 105%
Average price of polished exports $752/carat 20%
     
  January-July 2021 Year-on-year change
     
Polished exports $14.24B 112%
Polished imports $1.23B 6%
Net polished exports $13.01B 134%
Rough imports $10.33B 197%
Rough exports $319M 11%
Net rough imports $10.01B 213%
Net diamond account $3B 27%
Polished exports (volume) 18.2 million carats 98%
Average price of polished exports $783/carat 7%


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 Bharat Diamond Bourse in Mumbai. (Rapaport News)
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Tags: data, exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data
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