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India’s Polished Trade Declines

Average export price drops to two-year low in August.
Oct 3, 2019 7:44 AM   By Rapaport News
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RAPAPORT... India’s polished-diamond exports fell 25% to $1.64 billion in August, data from the Gem & Jewellery Export Promotion Council showed. The decline reflects a slump in the average export price to $658 per carat, the lowest since August 2017, according to Rapaport archives. Exports of polished lab-grown diamonds more than doubled to $37.4 million for the month from $15.2 million a year ago.

India Trade Data for August 2019
  August 2019 Year-on-year change
     
Polished exports $1,638 -25%
Polished imports $113 -9%
Net polished exports $1,524 -26%
Rough imports $861 -4%
Rough exports $120 4%
Net rough imports $741 -5%
Net diamond account $783 -38%
     
Polished exports: volume 2.5 million carats -7%
Average price of polished exports $658/carat -19%
     
  Jan-Aug 2019 Year-on-year change
     
Polished exports $14,295 -15%
Polished imports $796 -27%
Net polished exports $13,499 -14%
Rough imports $9,020 -25%
Rough exports $988 13%
Net rough imports $8,032 -28%
Net diamond account $5,467 17%
     
Polished exports: volume 18.5 million carats -16%
Average price of polished exports $772/carat 0%
     
All numbers in millions unless stated otherwise.


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 in Mumbai. (Rapaport News)
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