India Polished Exports Continue to Grow

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RAPAPORT… India’s polished-diamond exports increased 27% year on year in February, reflecting momentum in the market after January’s 9% rise. Rough imports were flat at $1.46 billion, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).

India Trade Data for February 2021

 February 2021Year-on-year change
   
Polished exports$1.75B27%
Polished imports$220M-12%
Net polished exports$1.53B35%
Rough imports$1.46B0%
Rough exports$41M-46%
Net rough imports$1.42B2%
Net diamond account$107M-142%
Polished exports: volume2.2 million carats18%
Average price of polished exports$790/carat7%
   
 January-February 2021Year-on-year change
   
Polished exports$3.56B17%
Polished imports$423M3%
Net polished exports$3.13B19%
Rough imports$2.72B22%
Rough exports$71M-53%
Net rough imports$2.65B27%
Net diamond account$482M-11%
Polished exports: volume4.5 million carats9%
Average price of polished exports$788/carat7%
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: Diamond cutters in Surat, India. (Shutterstock)

Source: diamonds.net Rapaport

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