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India’s Polished Exports Fall Again

Shipments down 47% year on year in June.
Jul 28, 2020 4:33 AM   By Rapaport News
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RAPAPORT... India’s diamond shipments continued to fall in June, albeit at a slower rate than in April and May as the coronavirus crisis eased in some of its export markets. Polished exports slumped 47% to $898 million for June, and dropped 53% to $5.28 billion for the first half of the year, according to data from the Gem & Jewellery Export Promotion Council and Rapaport calculations.

Exports of polished lab-grown diamonds rose 25% to $29.9 million in June after heavy declines during April and May.

India Trade Data for June 2020
  June 2020 Year-on-year change
     
Polished exports $898M -47%
Polished imports $194M 81%
Net polished exports $704M -56%
Rough imports $303M -69%
Rough exports $31M -72%
Net rough imports $272M -69%
Net diamond account $432M -40%
Polished exports: volume 1.2 million carats -47%
Average price of polished exports $753/carat -1%
     
  Jan-June 2020 Year-on-year change
Polished exports $5.28B -53%
Polished imports $951M 67%
Net polished exports $4.33B -59%
Rough imports $2.91B -59%
Rough exports $468M -40%
Net rough imports $2.44B -61%
Net diamond account $1.89M -56%
Polished exports: volume 7.3 million carats -47%
Average price of polished exports $720/carat -10%

All the year-on-year figures for June are on a “same ports” basis, meaning the comparative amounts for June 2019 exclude shipments at ports for which numbers were unavailable in June 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: The Bharat Diamond Bourse in Mumbai. (Rapaport News)
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Tags: Gem & Jewellery Export Promotion Council, GJEPC, India, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data
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