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RAPAPORT… India’s polished-diamond trade slowed in
February, reflecting lower demand from Hong Kong and China due to the
coronavirus. Exports dropped 41% to $1.38 billion, while rough imports rose, according
to data from the country’s Gem & Jewellery Export Promotion Council (GJEPC).
India Trade Data for February 2020
| Feb 2020 | Year-on-year change | |
| Polished exports | $1.38B | -41% |
| Polished imports | $249M | 166% |
| Net polished exports | $1.13B | -50% |
| Rough imports | $1.47B | 6% |
| Rough exports | $77M | -38% |
| Net rough imports | $1.39B | 11% |
| Net diamond account | -$257M | 2019: Surplus of $992M |
| Jan-Feb 2020 | Year-on-year change | |
| Polished exports | $3.03B | -26% |
| Polished imports | $410M | 128% |
| Net polished exports | $2.62B | -33% |
| Rough imports | $2.23B | 0% |
| Rough exports | $151M | -33% |
| Net rough imports | $2.08B | 3% |
| Net diamond account | $544M | -71% |
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: A display at the IIJS Signature show in Mumbai, February 2020. (GJEPC)
