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India’s Diamond Trade Slows in November

Polished exports lowest since aftermath of 2016 demonetization.
Dec 18, 2018 7:18 AM   By Rapaport News
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RAPAPORT... 
The Indian trade fell by most key measures in November, according to data from the Gem & Jewellery Export Promotion Council (GJEPC). Polished exports slid to their lowest level since December 2016, when demand dropped in the aftermath of India’s banknote demonetization, while rough shipments also dropped significantly. The year-on-year slumps come amid weaker demand for smaller goods, and reflect the timing of Diwali, which occurred in November, while last year the festival was in October.

Millions unless stated otherwise Nov 2018 Year-on-year change
     
Polished exports $1,561 -12%
Polished imports $65 -65%
Net polished exports $1,496 -6%
Rough imports $929 -52%
Rough exports $87 -47%
Net rough imports $842 -53%
Net diamond account $654 2017: Deficit of $194M
     
Polished exports: volume 1.9 million carats -28%
Average price of polished exports $832/carat 23%
     
  Jan-Nov 2018 Year-on-year change
     
Polished exports $23,081 7%
Polished imports $1,412 -35%
Net polished exports $21,669 12%
Rough imports $15,132 -7%
Rough exports $1,181 -17%
Net rough imports $13,950 -6%
Net diamond account $7,719 72%
     
Polished exports: volume 29.5 million carats -10%
Average price of polished exports $782/carat 19%


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: Bharat Diamond Bourse. (Rapaport News)
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Tags: India, net diamond account, polished, Rapaport News, rough, trade data
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