Gems and Jewellery Trade between India and China
Observations about Gems & Jewellery Trade between India and China:
- Precious stones/gems & jewellery under HS Code 71 were the fifth largest item of export from India to China in 2003. Overall export volume stood at US$ 164 million, with an increase of 62.1% over the previous year. China’s global import under HS Code 71 was US$ 1846 million. Imports grew at 38.40% during this period.
- Diamond (Under HS Code 7102) is the principal commodity in gems & jewellery trade between India and China. This is the leading sub-category of China’s global import under HS 71 (import volume of US$ 1242 million, accounting for 67.27% of China’s import of all HS 71 items), and also the leading sub-category of India’s exports to China (export volume of US$ 162.2 million, accounting for 98.77% of India’s exports to China under HS code 71). Thus, there are demand-supply complementarities in diamond trade between India and China. India is the third largest exporter of diamond (HS 7102) to China, occupying a 13.06% share of China’s imports.
- Diamond export from India to China has increased fast, registering a 64.02% increase over export volume last year, while Chinese global import of diamond has increased slower at 24.55%. Thus, the share of India in China’s import of diamond has increased in 2003.
- Within diamond, China’s top item of imports is unworked non-industrial diamond (HS 71023100), with a volume of US$ 790.6 million, and accounting for about 63.65% of total diamond imports of the nation. India exported miniscule amount of this item to China in 2003. India’s main item of export is non-industrial diamonds under HS 71023900, which is no. 2 item of China’s global imports under HS 7102, with import volume of US$ 423.7 million (34.1% of China’s total diamond imports). Of this, India supplies US$ 161 million.
- China’s global diamond imports under HS 71023900 increased by 40.24% in 2003 over 2002, while imports from India increased higher at 65.43%. Thus, India’s share of this item in China’s imports has increased in the above period.
- India’s export of unsorted diamond (HS 71021000) to China has declined from US$ 2.62 million in 2002 to US$ 1.07 million in 2003, a fall of 59%. However, this was accounted for by the decline in price, and volume actually went up by 16.36% from 51256 carat to 59642 carat.
- Platinum (HS 7110) is the second largest item of import into China (import volume US$ 260.2 million), accounting for 14% of all imports under HS 71. The share of platinum in China’s imports has been increasing in recent years. India’s share in this segment is a miniscule 0.03%. Thus, there is potential for trade in this growing segment.
- Gold jewellery and parts (HS 71131919) account for over 89% of India’s exports to China under HS 7113 (jewellery with precious metals), the second largest 4 HS Code item exported by India to China. Export volume for this item stood at US$ 0.81 million in 2003 and has registered a huge increase of 222% over the same period last year.
- Other stones, not strung (HS 7103) are India’s number three item of export to China under HS 71, next only to diamond and precious metal jewellery. However, trade in this segment has fallen by 13.74% in 2003 compared to 2002, and stand at US$ 0.91 million. This fall can be traced to the fall in the value of India’s export of rubies, sapphires & emeralds under HS 71039100 by 34.12% (China’s global imports in this item also showed a decline by 19.24%). The fall in value in turn is attributable to the fall in price, even as quantum rose. Jadeites exports from India under HS 71039910 have increased at over 105% in this period, in both value and volume, though volumes still remain small.
- Other items of India’s exports to China under HS Code 71 are small in terms of value and volume.
- India’s imports from China under HS Code 71 stood at 33.4 million in 2003. The growth has been very small at just over 2%. Thus, in terms of jewellery trade, India enjoys advantage in trade with China. The main items of China’s exports to India are silver, pearl, dust and powder, synthetic stones, imitation jewellery etc.
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