商贸零售行业跟踪报告：4月印度培育钻石毛坯进口额同比跌幅缩小，进口端渗透率提升

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [23]. Core Insights - In April, the import value of lab-grown diamonds in India decreased by 1.79% year-on-year, with a total import value of $0.59 million, showing a reduced decline. Conversely, the export value of lab-grown diamonds turned negative, decreasing by 18.20% year-on-year to $0.84 million [1][9]. - The penetration rate for lab-grown diamonds in imports increased to 4.70%, up by 1.23 percentage points year-on-year, while the export penetration rate slightly decreased to 6.76%, down by 0.07 percentage points year-on-year [1][11]. - For natural diamonds, the import value in April was $11.91 billion, reflecting a year-on-year decline of 19.27%, which is an expanded decline compared to the previous month. The export value was $11.55 billion, with a year-on-year decline of 16.76%, showing a reduced decline compared to the previous month [2][14]. - The international polished diamond price index fell slightly to 107.03 points as of April 30, down 0.51 percentage points from March, indicating a low price range due to insufficient market demand recovery [2][16]. - Short-term outlook suggests a decline in demand for lab-grown diamonds, while long-term prospects remain positive due to macroeconomic recovery and changing consumer preferences, which may enhance the penetration rate of lab-grown diamonds [2][20]. Summary by Sections 1. Lab-Grown Diamond Data Tracking - The import value of lab-grown diamonds in April was $0.59 million, with a year-on-year decline of 1.79%, while the export value was $0.84 million, with a year-on-year decline of 18.20 [1][9]. - The penetration rates for lab-grown diamonds showed an increase in imports and a slight decrease in exports [1][11]. 2. Natural Diamond Data Tracking - The import value of natural diamonds in April was $11.91 billion, with a year-on-year decline of 19.27%, while the export value was $11.55 billion, with a year-on-year decline of 16.76% [2][14]. - The international polished diamond price index decreased to 107.03 points, reflecting a slight decline in prices [2][16]. 3. Investment Recommendations - The report emphasizes the importance of India's diamond import and export data for assessing downstream market conditions. It suggests that while short-term demand for lab-grown diamonds may decline, long-term demand is expected to recover, particularly for lab-grown diamonds due to their cost advantages [2][20].