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India’s Polished Exports Decline in August
Sep 20, 2022 9:26 AM
By Joshua Freedman
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RAPAPORT... 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
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August 2022 |
Year-on-year change |
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| 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% |
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January-August 2022 |
Year-on-year change |
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| 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)
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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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