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India Polished Exports Drop

Average price slumps 22% in October.
Nov 14, 2019 7:29 AM   By Rapaport News
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RAPAPORT... India’s polished-diamond exports fell 15% to $1.95 billion in October, reflecting a 22% slide in the average price of shipments. Export volume rose 8% to 2.8 million carats, according to data from the Gem & Jewellery Export Promotion Council. The nation continued to import much lower quantities of rough than a year ago as companies worked down their inventory.

India Trade Data for October 2019
  Oct 2019 Year-on-year change
     
Polished exports $1,953 -15%
Polished imports $165 79%
Net polished exports $1,788 -19%
Rough imports $796 -20%
Rough exports $98 -26%
Net rough imports $697 -19%
Net diamond account $1,090 -20%
     
Polished exports: volume 2.8 million carats 8%
Average price of polished exports $691/carat -22%

  Jan-Oct 2019 Year-on-year change
     
Polished exports $18,194 -15%
Polished imports $1,084 -20%
Net polished exports $17,110 -15%
Rough imports $10,971 -23%
Rough exports $1,138 4%
Net rough imports $9,833 -25%
Net diamond account $7,277 3%
     
Polished exports: volume 24.1 million carats -12%
Average price of polished exports $755/carat -4%
     
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: Polished diamonds. (Shutterstock)
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Tags: data, exports, Gem & Jewellery Export Promotion Council, GJEPC, imports, imports and exports, India, net diamond account, net polished exports, Net rough imports, polished, polished exports, polished imports, Rapaport News, rough, rough exports, rough imports, trade data
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