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Hong Kong Polished Imports Slide

Shipments drop 6% in the first half.
Aug 13, 2019 8:54 AM   By Rapaport News
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RAPAPORT... Polished-diamond imports to Hong Kong declined 6% in the first half, according to data from the Diamond Federation of Hong Kong, China. Lower volumes outweighed growth in the average price, the figures showed.

Hong Kong Trade Data for 1H 2019

$ Millions unless stated otherwise 1H 2019 Year-on-year change
     
Polished imports $9,123 -6%
Polished exports $6,870 3%
Net polished imports $2,253 -25%
Rough imports $828 -21%
Rough exports $819 -46%
Net rough imports $9 2018: Deficit of $471M
Net diamond account $2,262 -11%
     
Polished imports: volume 9.3 million carats -9%
Average price of polished imports $984/carat 3%

Source: Diamond Federation of Hong Kong, China; Rapaport calculations

About the data: As an important consumer market and gateway to China, Hong Kong is a net importer of polished diamonds. As such, net polished imports — representing polished imports minus polished exports — will usually be a positive number. Net rough imports — calculated as rough imports minus rough exports — will also generally be in surplus. Hong Kong has no operational diamond mines but has a manufacturing sector, so it should normally ship more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is Hong Kong’s diamond trade balance, and shows the added value the city creates by importing — and ultimately consuming — diamonds.

Image: Hong Kong. (Pixabay)
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