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Diamond import and export data for April are released, with loose diamond exports slightly increasing
2024-05-22 09:23:56
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On May 15, the Gem and Jewelry Export Promotion Council (GJEPC) announced the latest data on India’s gem and jewelry import and export in April 2024.
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On May 15, the Indian Gems and Jewelry Export Promotion Council (GJEPC) disclosed the import and export data of Indian gems and jewelry in April 2024. In April, India's total exports of gems and jewelry dropped to US$2.075 billion, a year-on-year decrease of 11.37%. Among them, gold jewelry exports increased by 11.03%, silver jewelry fell by 32.98%, platinum jewelry soared by 281.1%, and colored gemstones and loose diamonds (natural and lab-grown) decreased by 35.39%, 16.76% and 18.2% respectively. In terms of imports, the total amount increased to US$1.891 billion, a slight increase of 3.95% year-on-year. The import of unprocessed pearls increased the most significantly, reaching 134.33%, followed by silver bars and gold bars, which increased by 98.54% and 82.42% respectively. Imports of rough natural and lab-grown diamonds both decreased, by 19.27% and 1.79% respectively.
▲ India’s natural diamond import and export performance from 2023.1 to 2024.4
The natural diamond market continued to weaken in April, with rough diamond imports falling to US$1.191 billion, a year-on-year decrease of 19.27%, and a month-on-month decrease of 14.5%. Import volume also shrank to 96.26 million carats, a year-on-year decrease of 15.34%, and a month-on-month decrease of 6.55%. Although the total export value of polished diamonds dropped slightly to US$1.1548 billion, a year-on-year decrease of 16.76%, and a slight decrease of 0.83% month-on-month, the export volume increased slightly, reaching 1.528 million carats, a slight year-on-year increase of 0.21%. Market demand continues to be weak and the outlook is worrying.
In April, India's lab-grown diamond market was in a slump, with rough diamond imports hitting a new low in nearly 11 months, and polished diamond exports also showing no improvement in the past year, both at low points similar to December last year. At the same time, both import and export penetration rates have declined.
▲ India’s lab-grown diamond import and export performance from 2023.1 to 2024.4
India's lab-grown diamond market performed poorly in April, with rough diamond imports falling to US$58.77 million, a slight year-on-year decrease of 1.79% and a month-on-month drop of 32.44%. Import volume decreased by 15.34% year-on-year to 96.26 million carats. The import penetration rate dropped to 4.7%, a decrease of 1.18 percentage points from the previous month. The export value of polished diamonds fell to US$83.77 million, a year-on-year decrease of 18.2% and a month-on-month decrease of 32.3%. The export penetration rate also dropped to 6.76%, down 2.85 percentage points from the previous month. The overall market is showing a downward trend.
Uncertainty in the economic environment affects consumer sentiment, and luxury goods such as diamond and jewelry industries are affected. Faced with the tightening of India's import and export data, there are concerns within and outside the industry, but fluctuations are the normal development of the industry, and there is no need to be overly pessimistic.
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