India's Polished Exports Increase 5% in June, Rough Imports Decline

Market Analysis
16/07/2018 17:23

India’s polished diamond exports rose by 5% during the month of June 2018 as compared to a year earlier, while overall exports from the gem and jewelry sector grew by a marginal 0.9% in the same period, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). Exports of cut and polished diamonds from India during the month rose to $2.08 billion from $1.98 bn in June 2017, an increase of 5.07% y-o-y. Rough imports were down by 14.2% in value terms during the month to $1.53 bn as compared to $1.79 bn imported during the previous June. In volume terms, rough imports declined from 17.5 mn carats during June 2017 to 15.5 mn carats during June this year.

Polished diamond exports for the first quarter of the year (April-June 2018) were up 8.90% to $6.29 billion from the $5.78 bn exported over the same months last year, while imports of polished diamonds fell by 47.1% to $348.55 million as compared to $658.38 million for the same period of the previous year. During the same period, imports of rough diamonds showed a decline of 14.76% to $4.60 billion from $5.40 bn a year earlier. In volume terms, imports fell by 9.08% from 52.55 mn cts in April-June 2017 to 47.78 mn cts in the same period this year. 

Meanwhile, exports of gold and silver jewelry for the month of June headed in entirely different directions, with gold jewelry (studded and plain) increaseing significantly (168%) to $1 billion from $373.86 million a year earlier. Exports of silver jewelry, on the other hand, fell by 80% to $40.89 million in June 2018 as compared to $205.36 million in the same month last year. For the first three months of the fiscal year 2018-19, overall gem and jewelry exports now stand at $10.17 billion, a decline of 8.84% as compared to $11.16 bn during the same period last year.