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India Polished Exports Flat During Summer Lull

Aug 23, 2017 9:16 AM   By Rapaport News
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India’s polished diamond exports were steady in July, with dealers at the recent India International Jewellery Show (IIJS) noting a slowdown in global demand during the summer vacation period.

“US demand from big retailers has reduced, but the mid-tier jewelers are buying,” said one Mumbai-based polished supplier. “Similarly, the Chinese buyers are coming back, but they’re not buying like before.”

Polished exports from India were flat year on year at $1.65 billion in July, according to data the Gem & Jewellery Export Promotion Council (GJEPC) published this week. By volume, the exports more than doubled, but the average price of the shipments fell 55% to $296 per carat, the data showed.

Exhibitors at IIJS, which took place at the end of July, noted a general shift toward lower-quality and smaller diamonds. Diamond dealers at IIJS agreed that the focus at the show was on domestic jewelry demand and that it had a marginal impact on the country’s loose diamond trade.

Polished imports to India fell 9% to $228 million during July, while net polished exports — calculated as the excess of exports over imports — grew 1% to $1.42 billion.

Meanwhile, India’s rough imports declined 6% to $1.33 billion, reflecting a slight decline in demand at the De Beers and Alrosa sales during the month.

“Manufacturing is a bit down, but there are enough goods on the market,” explained a Surat-based manufacturer. Most agreed that manufacturers’ profit margins had tightened during the month as polished prices continued to soften during the summer.

India’s rough exports declined 18% to $91 million, while net rough imports — imports minus exports — slid 5% to $1.24 billion.

India’s net diamond account for July jumped 82% to $183 million as total exports exceeded total imports.

During the first seven months of the year, the country’s net diamond account fell 26% to $1.64 billion. 

Picture of diamond cutters, or “artists,” at Hari Krishna Exports’ diamond hub in Surat, India (Rapaport News).
Tags: diamonds, GJEPC, IIJS, India, jewellery, Jewelry, Rapaport News
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