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Drop in India’s Exports Eases Further

Polished shipments from the country down 20% year on year in September.
Oct 15, 2020 10:10 AM   By Rapaport News
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RAPAPORT... 
India’s polished-diamond exports declined 20% in September — a more moderate fall than the country had experienced in previous months. Rough imports rose 16% as De Beers and Alrosa started selling in large quantities again.

India Trade Data for September 2020

September 2020 Year-on-year change
     
Polished exports $1.57B -20%
Polished imports $267M 118%
Net polished exports $1.3B -29%
Rough imports $1.35B 16%
Rough exports $78M 52%
Net rough imports $1.27B 15%
Net diamond account $28M -96%
Polished exports: volume 2.4 million carats -11%
Average price of polished exports $641/carat -9%
     
  January-September 2020 Year-on-year change
     
Polished exports $8.98B -45%
Polished imports $1.67B 82%
Net polished exports $7.31B -52%
Rough imports $4.98B -51%
Rough exports $588M -43%
Net rough imports $4.4B -52%
Net diamond account $2.92B -53%
Polished exports: volume 13.1 million carats -38%
Average price of polished exports $685/carat -10%

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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Tags: exports, imports, India, net diamond account, Rapaport News, trade data
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