India Polished Shipments Extend Recovery

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RAPAPORT… India’s polished-diamond exports rose in August, albeit at a gentler pace than the previous month, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).

Shipments increased 69% year on year to $2.05 billion amid a sharp climb in volume alongside a higher average price. July had seen a 146% jump to $2.26 billion, India’s highest for any month since February 2019.

India Trade Data for August 2021

 August 2021Year-on-year change
   
Polished exports$2.05B69%
Polished imports$121M-32%
Net polished exports$1.93B86%
Rough imports$1.21B143%
Rough exports$65M187%
Net rough imports$1.14B141%
Net diamond account$789M40%
Polished exports (volume)2.9 million carats55%
Average price of polished exports$705/carat9%
   
 January-August 2021Year-on-year change
   
Polished exports$16.29B105%
Polished imports$1.35B1%
Net polished exports$14.94B126%
Rough imports$11.53B190%
Rough exports$384M24%
Net rough imports$11.15B204%
Net diamond account$3.79B29%
Polished exports (volume)21.1 million carats91%
Average price of polished exports$772/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: A scene at the India International Jewellery Show (IIJS) Premiere show, which took place in Bengaluru in September. (GJEPC)

Source: diamonds.net Rapaport

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