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RAPAPORT… India’s polished-diamond exports jumped 45% year on year to $2.56 billion in October, the highest since September 2017, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). The increase reflected US holiday demand, as well as the Indian manufacturing sector’s pre-Diwali spike in activity.
India Trade Data for October 2021
| October 2021 | Year-on-year change | |
| Polished exports | $2.56B | 45% |
| Polished imports | $130M | -50% |
| Net polished exports | $2.43B | 61% |
| Rough imports | $1.38B | 2% |
| Rough exports | $65M | 21% |
| Net rough imports | $1.31B | 1% |
| Net diamond account | $1.1B | 441% |
| Polished exports (volume) | 3.6 million carats | 47% |
| Average price of polished exports | $702/carat | -1% |
| January-October 2021 | Year-on-year change | |
| Polished exports | $20.76B | 84% |
| Polished imports | $1.61B | -13% |
| Net polished exports | $19.15B | 104% |
| Rough imports | $14.58B | 118% |
| Rough exports | $573M | 30% |
| Net rough imports | $14B | 124% |
| Net diamond account | $5.14B | 62% |
| Polished exports (volume) | 27.3 million carats | 71% |
| Average price of polished exports | $759/carat | 8% |
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)
