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India’s Polished Exports Decline in August

Sep 20, 2022 9:26 AM   By Joshua Freedman
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India’s polished-diamond exports fell 7% year on year to $1.88 billion in August, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). However, rough imports increased during the month, indicating an inventory buildup at manufacturers.

India Trade Data for August 2022

  August 2022 Year-on-year change
Polished exports $1.88B -7%
Polished imports $132M 8%
Net polished exports $1.75B -8%
Rough imports $1.36B 12%
Rough exports $101M -24%
Net rough imports $1.26B 17%
Net diamond account $487M -42%
Polished exports: volume 2.2 million carats -24%
Average price of polished exports $851/carat 22%
  January-August 2022 Year-on-year change
Polished exports $16.31B 1%
Polished imports $985M -27%
Net polished exports $15.32B 4%
Rough imports $13.14B 14%
Rough exports $545M -3%
Net rough imports $12.59B 14%
Net diamond account $2.72B -28%
Polished exports: volume 17.5 million carats -17%
Average price of polished exports $930/carat 22%

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 manufacturing in Surat, India. (Shutterstock)
Tags: exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, Joshua Freedman, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, rough exports, rough imports
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