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RAPAPORT… India’s polished-diamond exports slid 13% in the first six months
of the year, reaching their lowest level since a market slump in the second
half of 2015. The drop reflected a slowdown in the trading and manufacturing
sectors, resulting from weak liquidity and profitability. Rough and polished
trading also fell significantly in June, according to data from the Gem &
Jewellery Export Promotion Council.
The declines in polished exports are mainly because of lower
volumes. The average price has been more positive, improving 6% in the first
half.
| India Trade Data for June 2019 | ||
| Millions unless stated otherwise | June 2019 | Year-on-year change |
| Polished exports | $1,679 | -19% |
| Polished imports | $106 | -25% |
| Net polished exports | $1,573 | -19% |
| Rough imports | $969 | -37% |
| Rough exports | $111 | 3% |
| Net rough imports | $858 | -40% |
| Net diamond account | $715 | 38% |
| Polished exports: volume | 2.2 million carats | -19% |
| Average price of polished exports | $751/carat | 0% |
| Millions unless stated otherwise | 1H 2019 | Year-on-year change |
| Polished exports | $11,154 | -13% |
| Polished imports | $569 | -32% |
| Net polished exports | $10,586 | -12% |
| Rough imports | $7,064 | -25% |
| Rough exports | $775 | 18% |
| Net rough imports | $6,289 | -28% |
| Net diamond account | $4,297 | 32% |
| Polished exports: volume | 13.9 million carats | -18% |
| Average price of polished exports | $801/carat | 6% |
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 polished diamond in tweezers. (Shutterstock)
