After Strong January, India's Polished Diamond Exports +4% on Year, Rough Imports +11%

Finance and Trade
20/02/2018 12:39

India's polished diamond exports during the month of January 2018 rose to US$2.08 billion from US$1.62 bn in January 2017, a jump of 28.8% according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). Meanwhile, rough imports were up by 13.68% in value terms during the month to US$1.44 billion as compared to US$1.27 bn imported during the previous January. In volume terms, however, rough imports declined from 15.3 million carats during January 2017 to 13.3 million carats during January this year. The gap between higher value on lower volume seems to be a signal that the year-long run of smaller, cheaper goods so prevalent in 2017 has shifted. 

For the first ten months of the fiscal year 2017-18 (April 2017-January 2018), polished diamond exports during were up 4.21% to US$19.28 billion as against the US$18.50 billion exported over the same months last year. Also for the fiscal year to date, imports of rough diamonds showed a growth of 11.11%, rising to US$15.53 billion from US$13.98 bn a year earlier. In volume terms, imports rose by 36.36% from 119.04 million cts in April 2016-Jan 2017 to 162.32 mn cts in the same period this year. For the month of January 2018, imports of cut and polished diamonds were down by 20.9% to US$136.23 million from US$172.28 million a year earlier.

January appeared to be a month of extremes, as exports of gold jewelry (studded and plain) during the month rose by 66.70% to US$655.05 million from US$392.95 mn a year earlier, while exports of silver jewelry dropped to US$146.73 million in January 2017 as compared to US$253.18 million in the same month last year. For the first ten months of the fiscal year 2017-18, overall gem and jewelry exports now stand at US$33.90 billion, a decline of 3.18% as compared to US$35.02 bn during the same period last year.

Image courtesy of Rosy Blue