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India’s 2022 Polished Exports Drop

January 22, 2023  |  Joshua Freedman
Diamond merchants in Mahidharpura Surat India April 2015 credit Shutterstock 1280 used 012223

India’s polished-diamond exports declined 3% to $22.85 billion in 2022, according to recent data from the country’s Gem & Jewellery Export Promotion Council (GJEPC). Shipments grew year on year for each of the first six months before declining for the rest of the year.

India Trade Data for December and Full Year 2022

 Dec-22Year-on-year change
   
Polished exports$1.27B-28%
Polished imports$102M-31%
Net polished exports$1.17B-28%
Rough imports$1.53B-27%
Rough exports$49M-23%
Net rough imports$1.48B-27%
Net diamond account-$308MDeficit decreased 25%
   
Polished exports: volume1.4 million carats-38%
Average price of polished exports$936/carat16%
   
   
 Full Year 2022Year-on-year change
   
Polished exports$22.85B-3%
Polished imports$1.41B-25%
Net polished exports$21.44B-2%
Rough imports$18.48B4%
Rough exports$797M-3%
Net rough imports$17.69B4%
Net diamond account$3.75B-22%
   
Polished exports: volume24.8 million carats-21%
Average price of polished exports$922/carat22%

                                                                                    

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: Diamond merchants in Mahidharpura, Surat, in 2015. (Shutterstock)

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Diamond merchants in Mahidharpura Surat India April 2015 credit Shutterstock 1280 used 012223 India’s 2022 Polished Exports Drop

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