4月钻石数据跟踪报告：4月印度钻石进口额同比由负转正

Investment Rating - The industry investment rating is "Outperform the Market" with an expected increase of over 10% relative to the market index in the next six months [20]. Core Insights - In April, India's imports of both cultivated and natural diamonds turned positive year-on-year, indicating a recovery in the diamond market. The increase in diamond imports and exports may be linked to the tariff policy introduced by Trump in April [3][18]. - The price index for natural diamonds rose by 0.53% month-on-month in April, although it remains at a low level. The long-term outlook for diamond consumption is optimistic due to macroeconomic recovery and the growing trend of self-indulgent consumption [3][18]. - The penetration rate of cultivated diamonds is expected to increase further, driven by their price advantage over natural diamonds and consumer education efforts by media and brands [3][18]. Summary by Sections 1. Cultivated Diamond Data Tracking - In April 2025, India's imports of cultivated diamond rough increased by 55.02% year-on-year, amounting to $0.91 billion, while exports of cultivated diamond gems rose by 0.41% to $1.11 billion, marking two consecutive months of growth [9][11]. - The penetration rate for cultivated diamonds in exports reached 9.08%, up by 2.32 percentage points year-on-year, and the import penetration rate was 6.54%, up by 1.84 percentage points [11]. 2. Natural Diamond Data Tracking - India's imports of natural diamond rough in April 2025 were $12.00 billion, a year-on-year increase of 0.56%, while exports of natural diamond gems were $11.09 billion, down by 6.12%, showing a recovery in the decline compared to last year [14][16]. - The price index for natural diamonds increased to 94.90 points in April, reflecting a month-on-month rise of 0.53% [16]. 3. Investment Recommendations - The import and export data of rough diamonds in India serve as important indicators for assessing downstream market conditions. The recovery in diamond imports and exports, along with the increase in the price index, suggests a positive trend for the industry [3][18].