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India’s polished trade drops to seven-month low

India’s polished-diamond exports slid 18% year on year in July, reaching their lowest level since December 2018. The decline reflected a slowdown in the midstream sector as manufacturers struggled to offload excess goods. Rough trading also dropped significantly, according to data from the Gem & Jewellery Export Promotion Council.

India Trade Data for July 2019 Millions unless stated otherwise July 2019 Year-on-year change

Polished exports $1,503 -18% Polished imports $114 -14% Net polished exports $1,389 -19% Rough imports $1,095 -34% Rough exports $93 -7% Net rough imports $1,002 -36% Net diamond account $387 174%

Polished exports: volume 2.1 million carats -7% Average price of polished exports $714/carat -12%

Millions unless stated otherwise Jan-Jul 2019 Year-on-year change

Polished exports $12,657 -14% Polished imports $683 -30% Net polished exports $11,975 -13% Rough imports $8,159 -26% Rough exports $868 14% Net rough imports $7,291 -29% Net diamond account $4,684 38%

Polished exports: volume 16 million carats -17% Average price of polished exports $789/carat

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.

Courtesy - Rapaport News

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