India’s Diamond Trade Slows in August

RAPAPORT… India’s polished-diamond exports declined 6.5% to $1.82
billion in August, according to data the nation’s Gem & Jewellery Export
Promotion Council (GJEPC) released last week. 


By volume, polished exports fell 2.1% to 2.8 million carats,
while the average price declined 5% to $646 per carat. Polished imports fell
46% to $143 million, meaning net polished exports — the difference between
exports and imports — slipped 0.3% to $1.67 billion.


Imports of rough diamonds
dropped 7% to $975 million, with rough exports down 25% to $91 million. Net
rough imports — calculated as rough imports minus exports — declined 4.8% to
$884 million.


India’s net diamond
account for August increased 5% to $791 million.


In the first eight months
of the year, polished exports increased 1.4% to $15.14 billion, according to
Rapaport calculations. Polished imports fell 13% to $1.67 billion, and net
polished exports rose 3.5% to $13.47 billion. Rough imports jumped 10% to
$12.06 billion, while rough exports increased 6% to $1.02 billion. Net rough
imports grew 10% to $11.04 billion.


The nation’s net diamond
account — total rough and polished exports minus total imports — for the
January-to-August period fell 18% to $2.43 billion.