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India’s Polished Exports Slump in 2019

January 14, 2020

RAPAPORT... India’s polished-diamond exports dropped 16% to $20.62 billion in 2019, recording their steepest annual decline since 2012. The decrease reflected a slump in imports volumes and a more moderate decline in the average price. Rough imports fell 17% as weakness in the manufacturing sector led to a slowdown in rough buying.

India Trade Data for December 2019
Dec 2019Year-on-year change
Polished exports$1,254-5%
Polished imports$15236%
Net polished exports$1,102-8%
Rough imports$1,604-8%
Rough exports$73-31%
Net rough imports$1,531-6%
Net diamond account-$4302018: Deficit of $429M
Polished exports: volume1.7 million carats-14%
Average price of polished exports$736/carat11%
FY 2019Year-on-year change
Polished exports$20,617-16%
Polished imports$1,354-11%
Net polished exports$19,263 -16%
Rough imports$13,999-17%
Rough exports$1,3051%
Net rough imports$12,694-19%
Net diamond account$6,569-10%
Polished exports: volume27.5 million carats-13%
Average price of polished exports$749/carat-3%
All numbers in millions unless stated otherwise.

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: Polished diamonds. (Shutterstock)

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