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India’s Decline Eases as Trade Resumes

July polished-export slump of 39% is gentler than in earlier months.
Aug 25, 2020 9:56 AM   By Rapaport News
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RAPAPORT... 
India’s polished-diamond exports fell in July but at a gentler pace than in earlier months as the US, Europe and China returned to more normal business levels. Polished shipments out of the country dropped 39% after heavier slumps in April to June, when demand dried up across major markets.

India Trade Data for July 2020
  July 2020 Year-on-year change
     
Polished exports $918M -39%
Polished imports $272M 139%
Net polished exports $647M -53%
Rough imports $231M -79%
Rough exports $19M -79%
Net rough imports $212M -79%
Net diamond account $435M 12%
Polished exports: volume 1.5 million carats -30%
Average price of polished exports $627/carat -12%
     
  Jan-July 2020 Year-on-year change
     
Polished exports $6.2B -51%
Polished imports $1.22B 79%
Net polished exports $4.98B -58%
Rough imports $3.14B -62%
Rough exports $487M -44%
Net rough imports $2.65B -64%
Net diamond account $2.33B -50%
Polished exports: volume 8.8 million carats -45%
Average price of polished exports $705/carat -11%

All the year-on-year figures for July are on a “same ports” basis, meaning the comparative amounts for July 2019 exclude shipments at ports for which numbers were unavailable in July 2020.


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: Polished diamonds. (Shutterstock)
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Tags: exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, India, net diamond account, polished, Rapaport News, rough
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