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India Trade Grows Amid Higher Average Price

Apr 26, 2022 10:29 AM   By Rapaport News
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India’s polished-diamond exports rose 3% year on year in March as a higher average price outweighed a decline in shipment volumes, according to recent data from the Gem & Jewellery Export Promotion Council (GJEPC).

India Trade Data for March 2022

  March 2022 Year-on-year change
Polished exports $2.2B 3%
Polished imports $168M -50%
Net polished exports $2.03B 13%
Rough imports $2.04B 45%
Rough exports $134M 49%
Net rough imports $1.9B 45%
Net diamond account $127M -74%
Polished exports: volume 2.1 million carats -21%
Average price of polished exports $1,031/carat 30%
  January-March 2022 Year-on-year change
Polished exports $6.23B 10%
Polished imports $369M -51%
Net polished exports $5.86B 20%
Rough imports $5.31B 29%
Rough exports $293M 51%
Net rough imports $5.02B 27%
Net diamond account $839M -12%
Polished exports: volume 6.4 million carats -11%
Average price of polished exports $966/carat 23%

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 merchants in Surat, India, in 2015. (Shutterstock)
Tags: exports, GJEPC, imports, India, Rapaport News
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