India: Diamond Market 2024

Diamond Market Size in India

The Indian diamond market contracted modestly to $X in 2022, approximately mirroring the previous year. Over the period under review, consumption, however, showed a abrupt downturn. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Diamond Production in India

In value terms, diamond production declined slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Diamond Exports

Exports from India

In 2022, exports of diamonds and other precious stones (unworked) from India reached X tons, growing by X% against 2021. Over the period under review, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, diamond exports dropped to $X in 2022. Overall, exports, however, continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons), the United Arab Emirates (X tons) and Singapore (X tons) were the main destinations of diamond exports from India, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for diamond exported from India were Belgium ($X), the United Arab Emirates ($X) and Singapore ($X), with a combined X% share of total exports.

Singapore, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average diamond export price amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2016 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X,744 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X,074 per ton), while the average price for exports to Israel ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced a decline.

Diamond Imports

Imports into India

In 2022, the amount of diamonds and other precious stones (unworked) imported into India rose notably to X tons, picking up by X% against 2021 figures. Overall, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, diamond imports stood at $X in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Belgium (X tons) and Russia (X tons) were the main suppliers of diamond imports to India, with a combined X% share of total imports. Israel, Botswana, Hong Kong SAR, the UK and Canada lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Botswana (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Belgium ($X) and Russia ($X) were the largest diamond suppliers to India, with a combined X% share of total imports. Israel, Hong Kong SAR, Botswana, the UK and Canada lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Botswana, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average diamond import price amounted to $X per kg, declining by X% against the previous year. In general, the import price recorded a noticeable setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per kg in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per kg), while the price for Israel ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Botswana (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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