India’s main jewelry body gave a cautious outlook for the diamond industry after polished exports and rough imports fell sharply in October.
“[The] export growth outlook of the diamond industry is clouded with uncertainty due to geopolitical concerns, disruptions in [the] global supply chain, [an] economic downturn in major economies, diminished supply of rough diamonds and rising inflation that may reduce consumer demand for luxury products,” the Gem & Jewellery Export Promotion Council (GJEPC) said in a fiscal half-year report published this week.
Polished exports declined 26% year on year to $1.89 billion during October, the council noted in a separate report. Rough imports slumped 32% to $933 million.
The upcoming festive season, trade shows and the potential lifting of Covid-19 restrictions in China could boost polished exports in the short term, the group added.
India Trade Data for October 2022
|October 2022||Year-on-year change|
|Net polished exports||$1.79B||-26%|
|Net rough imports||$888M||-32%|
|Net diamond account||$903M||-19%|
|Volume||2.2 million carats||-39%|
|January-October 2022||Year-on-year change|
|Net polished exports||$19.13B||1%|
|Net rough imports||$14.92B||7%|
|Net diamond account||$4.21B||-17%|
|Volume||22.1 million carats||-19%|
Polished diamond at a factory in India. (Shutterstock)