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Slowdown Continues in India Diamond Sector

Exports have been declining year on year since November.
Jun 23, 2019 10:30 AM   By Rapaport News
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RAPAPORT...
 India’s polished-diamond exports slid 15% year on year in May, reflecting a slowdown in the trade that’s been evident for the past seven months. The last monthly increase was recorded in November, according to Rapaport records. The decline in May was the result of lower volumes, which outweighed an increase in the average price of goods, data from the Gems & Jewellery Export Promotion Council (GJEPC) showed. Rough imports also fell as manufacturers have reduced their output since the beginning of 2019. 

India Trade Data for May 2019

Millions unless stated otherwise May 2019 Year-on-year change
     
Polished exports $1,879 -15%
Polished imports $94 1%
Net polished exports $1,784 -16%
Rough imports $1,000 -35%
Rough exports $104 -11%
Net rough imports $896 -38%
Net diamond account $888 29%
     
Polished exports: volume 2.2 million carats -24%
Average price of polished exports $863/carat 11%
     
     
Millions unless stated otherwise Jan-May 2019 Year-on-year change
     
Polished exports $9,475 -12%
Polished imports $462 -33%
Net polished exports $9,013 -10%
Rough imports $6,095 -22%
Rough exports $664 21%
Net rough imports $5,431 -26%
Net diamond account $3,582 31%
     
Polished exports: volume 11.7 million carats -18%
Average price of polished exports $810/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.
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Tags: Gem & Jewellery Export Promotion Council, GJEPC, India data, India polished-diamond exports, net diamond account, net polished exports, Rapaport News
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