India's rough imports rise 65.65% in carats, 15.14% in value
September's 130.17 lakh carats cost $1.05bn, GJEPC provisional data show. On Carat Capital's division, the average imported carat cost about 30% less than a year earlier.
By Carat Capital
What changed
Carats outran dollars. India's rough diamond imports rose 65.65% by weight in September but only 15.14% by value, to $1.05 billion, GJEPC provisional data show.
What it means
- If you sell rough to India: Volume is back, value is not: the average carat cost about 30% less than a year earlier.
- If you buy polished from Surat: More, cheaper rough is entering the cutting pipeline.
- What this is not: A price index. A cheaper average can mean a cheaper mix.
Key figures
| Rough imported, Septemberup 65.65% year on year | 130.17 lakh ct |
|---|---|
| Rough import valueup 15.14% | $1.05bn |
| Average value per caratCarat Capital's division | −30.5% |
| April–September caratsvalue down 16.81% | 592.24 lakh ct |
Source: GJEPC master statement of provisional data for September 2026, dated 13 October 2026, and GJEPC's statement of 14 October 2026. First reported by Angel One on 15 October. Per-carat changes are Carat Capital's division.
Weight up, value lagging
A cheaper carat. Dividing value growth by volume growth, 1.1514 by 1.6565, gives 0.695. The average imported carat was worth about 30.5% less than a year earlier.
Six months agree. From April to September, carats rose 16.47% to 592.24 lakh while value fell 16.81% to $5 billion. One lakh is 100,000 carats.
| Measure | September | Change | April–September | Change |
|---|---|---|---|---|
| Rough imports, value | $1.05bn | +15.14% | $5bn | −16.81% |
| Rough imports, volume | 130.17 lakh ct | +65.65% | 592.24 lakh ct | +16.47% |
| Average value per carat | $80.37 | −30.5% | $84.46 | −28.6% |
| Natural polished exports, value | $1.29bn | −5.44% | $5.81bn | −6.96% |
Per-carat change is value growth divided by volume growth: September 1.1514 / 1.6565 = 0.695, a fall of 30.5%; six months 0.8319 / 1.1647 = 0.714, a fall of 28.6%. The per-carat levels, $80.37 and $84.46, are GJEPC's. GJEPC gives September 2025 volume as 78.58 lakh carats.
Polished moved the other way
Natural exports fell. Cut and polished natural exports fell 5.44% to $1.29 billion in September, while six-month export volume rose 4.64%.
Lab-grown rose. Polished lab-grown exports rose 40.72% to $151.43 million in the month.
What to watch
- Mid-NovemberGJEPC's October figures, which cover the pre-Diwali month and test whether the rough intake holds.
- MonthlyAWDC's Antwerp figures for September, which show whether the rough trade moved the same way at the other end.
The story so far
Go deeper
Corrections
Correction, 20 October 2026: an earlier version of this article said GJEPC had not posted its September statement on its own site, and its Method said the council's own pages carried none. That was wrong. GJEPC published the statement on 14 October at gjepc.org, linked from its homepage. Re-read at 06:00 EDT on 20 October, 38,669 bytes, it carries every export row in the table: '1.29 billion' 1 hit, '5.44' 1, '151.43' 1, '40.72' 1, '5.81 billion' 2, '4.64' 1. It carries no rough-import line: in the same 38,669 bytes, '130.17', '65.65', '15.14', '592.24' and '16.81' each return 0 hits. Where the error came from: the desk read two other GJEPC pages and not the news page that held the statement. What was right as published: every figure in the article. The rough-import figures then rested on Angel One alone; see the note of 24 October. The watch line on GJEPC's October figures also now reads the pre-Diwali month; Diwali falls on 8 November. Found by this paper's standards desk on 19 October 2026.
Correction, 24 October 2026: the 20 October note said the rough-import figures rest on Angel One alone. GJEPC's own master statement for September, dated 13 October, carries every one of them: US$1,046.23 million, up 15.14%, and 130.17 lakh carats, up 65.65% on 78.58 lakh. The sources now name it. The table's September per-carat value read 'about $81', worked from the rounded $1.05 billion; GJEPC prints $80.37, and the six-month figure is now GJEPC's $84.46. What was right as published: every rough-import figure and both percentage changes. Raised by Carat Capital's Managing Editor on 22 October 2026.
Clarified, 25 October 2026: a What to watch line still said GJEPC's statement carries exports only and the rough figures remain Angel One's reading. That contradicted this page's note of 24 October: GJEPC's September master statement carries every rough figure. The line has been removed. What was right as published: every figure. Found by Carat Capital's standards desk on 24 October 2026.
What would change this call
A per-carat price from a producer or tender house showing September rough flat or higher. Then the 30% fall is mix, smaller and cheaper goods, not price.
How the import line is built
GJEPC compiles India's gem and jewellery trade from customs data and publishes provisional monthly totals by category, in dollars and in lakh carats. Rough imports carry no quality split, so value per carat mixes price with assortment.
Method
Rough imports: GJEPC's master statement of provisional statistics for September 2026, ref GJC/Sts, dated 13/10/2026, fetched 24 October 2026, 200, 581,721 bytes, text extracted a second way with Apple's PDFKit, 12,781 characters. Hits in that text: '1046.23' 1, '908.65' 1, '15.14' 1, '130.17' 1, '65.65' 1, '78.58' 1, '80.37' 1, '592.24' 1, '16.47' 1, '16.81' 1. An earlier extraction of the same file by decompressing its streams found '1046.23', '130.17', '908.65' and '15.14' but not '65.65' or '78.58'; the second method finds all of them. Angel One's report of 15 October 2026, citing The Economic Times, printed the same rough figures first. Exports: GJEPC's own statement of 14 October 2026 on its news page, re-read 20 October 2026, 200, 38,669 bytes: '1.29 billion' 1, '5.44' 1, '151.43' 1, '40.72' 1, '4.64' 1, '5.81 billion' 2. ARCHIVE: Carat Capital's archive, '65.65' and '592.24' return no rows. The 18 October GJEPC piece, one-nineteen-billion-of-gold-jewellery, covers exports from the same September release and carries no rough-import figure. Same release, different line: NEW.
Sources
- Angel One, India's gems and jewellery exports reach $2.95 billion in September 2026 (citing The Economic Times and GJEPC provisional data) 15 October 2026
- GJEPC, India's Gem & Jewellery Exports Continue to Grow, Rising 9.43% to US$ 2.95 Billion in September 2026 (the council's own statement, dated 14 October 2026, re-read 20 October 2026) 14 October 2026
- GJEPC, Gem and Jewellery Exports-Imports master report for September 2026, dated 13 October 2026 (PDF) 13 October 2026