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India Diamond Trade Sees Further Decline

October 31, 2023  |  Joshua Freedman
India diamonds Cutting in Surat credit Shutterstock 1280 USED 311023

India’s polished-diamond exports fell 22% year on year to $1.67 billion in September as weak retail demand around the world continued. Rough imports slumped 34% to $1.03 billion, even before the country’s voluntary freeze on inbound shipments went into effect, the recent figures from the Gem & Jewellery Export Promotion Council (GJEPC) show.

Sources: 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.

Main image: Diamond cutting in Surat, India. (Shutterstock)

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India diamonds Cutting in Surat credit Shutterstock 1280 USED 311023 India Diamond Trade Sees Further Decline

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