India's Polished Exports Gain 1.7% in H1; Low-Price Goods Rule Rough Trade

Rough Market
24/10/2017 17:26

India's exports of cut and polished diamonds gained nearly 6% in value year-over-year in September, reports the Gem and Jewellery Export Promotion Council (GJEPC). The Indian trade exported $2.65 billion worth of polished diamonds in September 2017 compared to $1.82 billion in the same month a year earlier, according to provisional data. For the first half of the financial year to date (April-September), India's polished exports are up by 1.7% in value terms, currently sitting at $11.9 billion, compared to $11.7 billion a year earlier. Net exports from the gem and jewelry sector during September 2017, including rough diamond exports, stood at $3.34 billion, a drop of 4% over the $3.48 billion exported in the same month the previous year.

Meanwhile, the value of India's imports of rough diamonds during the month totalled $1.47 billion, a decline of 18% in value terms compared to $1.80 billion imported during the previous September. In volume terms, 15.7 mn carats of rough were imported during the month, up 9% over the imports of 14.4 million carats during August ‘16, and a full 70% increase over August. For the year thus far, India has imported 97 million carats of rough diamonds valued at $9.16B, compared to 73 million carats valued at $8.87B in the first half of the year in 2016; this means a 33% increase in volume has translated into a 3% increase in value during the first half, as lower-value diamonds continue to dominate the trade. GJEPC notes that imports of cut and polished diamonds dropped significantly to $174.03M in September 2017 from $185.89M in September 2016.