India’s Polished Exports See Further Rise

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RAPAPORT… Shipments of polished diamonds out of India increased year on year in May, albeit at a gentler pace than in April, according to data the country’s Gem & Jewellery Export Promotion Council (GJEPC) released this week. Rough imports jumped more than sevenfold, reflecting a comparison with the peak of the coronavirus crisis in 2020.

India Trade Data for May 2021

 May 2021Year-on-year change
   
Polished exports$2.01B131%
Polished imports$135M28%
Net polished exports$1.88B146%
Rough imports$1.25B601%
Rough exports$58M559%
Net rough imports$1.2B603%
Net diamond account$680M15%
Polished exports: volume2.4 million carats160%
Average price of polished exports$826/carat-11%
   
 January-May 2021Year-on-year change
   
Polished exports$9.97B104%
Polished imports$1.03B36%
Net polished exports$8.94B116%
Rough imports$7.07B140%
Rough exports$216M-9%
Net rough imports$6.85B153%
Net diamond account$2.09B46%
Polished exports: volume12.3 million carats88%
Average price of polished exports$814/carat8%
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)

Source: diamonds.net Rapaport

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