India’s polished-diamond exports rose 12% year on year to $2.13 billion in September as a higher average price offset a drop in volume, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). Rough imports decreased during the month. This indicated an improvement in the sector’s inventory situation following two consecutive months in which rough imports outperformed polished exports.
India Trade Data for September 2022
| September 2022 | Year-on-year change | |
| Polished exports | $2.13B | 12% |
| Polished imports | $116M | -11% |
| Net polished exports | $2.02B | 14% |
| Rough imports | $1.56B | -7% |
| Rough exports | $117M | -5% |
| Net rough imports | $1.44B | -7% |
| Net diamond account | $580M | 157% |
| Polished exports: volume | 2.3 million carats | -13% |
| Average price of polished exports | $934/carat | 28% |
| January-September 2022 | Year-on-year change | |
| Polished exports | $18.44B | 2% |
| Polished imports | $1.1B | -26% |
| Net polished exports | $17.34B | 5% |
| Rough imports | $14.69B | 11% |
| Rough exports | $662M | -4% |
| Net rough imports | $14.03B | 12% |
| Net diamond account | $3.31B | -17% |
| Polished exports: volume | 19.8 million carats | -16% |
| Average price of polished exports | $931/carat | 22% |
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 Gateway of India in Mumbai. (Shutterstock)
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