India’s Polished Exports Improve in Feb.

RAPAPORT… India’s polished exports rose 3 percent to $2.41 billion in February, according to data published by the Gem Jewellery Export Promotion Council (GJEPC).

The country, considered a bellwether of global polished diamond production, exported a slightly lower volume of goods, down 1 percent for the month, while the average price of the exports increased 4 percent to $738.53 per carat.
Polished imports dropped 20 percent to $178 million, and net polished exports – the excess of exports over imports – increased 6 percent to $2.24 billion.

Meanwhile, imports of rough diamonds to India declined 3 percent to $1.51 billion during the month, and rough exports grew 11 percent to $145 million, the GJEPC reported. Net rough imports declined 4 percent to $1.36 billion.

India’s February net diamond account, which indicates the country’s diamond trade surplus, grew 25 percent to $875 million, according to Rapaport calculations.

India’s polished exports increased 3 percent to $4.03 billion for the first two months of the year. Rough imports grew 9 percent to $2.77 billion, mirroring the rise in demand reported at the respective De Beers and ALROSA sales during the period.

The country’s net diamond account edged up 1 percent to $1.2 billion over the two-month period.

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