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US Polished Trade Surged in October

Imports up 28%, exports jumped 31%.
Dec 26, 2018 9:15 AM   By Rapaport News
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RAPAPORT... The US saw a sharp increase in imports and exports of polished diamonds in October, according to data from the US Census Bureau. Inbound shipments hit a record level for any month other than May, which is boosted by preparations for the annual JCK Las Vegas fair, Rapaport archives show. Rough trading slowed.

US Diamond Trade Data for October 2018

Millions unless stated otherwise Oct 18 Year-on-year change
Polished imports $2,321 28%
Polished exports $1,627 31%
Net polished imports $694 22%
Rough imports $29 -77%
Rough exports $38 -18%
Net rough imports Deficit of $9M 2017: Surplus of $78M
Net diamond account $685 6%
Polished imports: volume 1 million carats 16%
Average price of polished imports $2,278/carat 11%
  Jan-Oct 2018 Year-on-year change
Polished imports $19,953 9%
Polished exports $16,692 10%
Net polished imports $3,261 3%
Rough imports $490 -34%
Rough exports $422 -30%
Net rough imports $67 -48%
Net diamond account $3,328 1%
Polished imports: volume 8.5 million carats 0%
Average price of polished imports $2,336/carat 9%

Source: US Census Bureau; Rapaport archives

About the data: The US, the world’s largest diamond retail market, is a net importer of polished. 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. The nation has no operational diamond mines but has a manufacturing sector, so normally ships more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is the US’s diamond trade balance, and shows the added value the nation creates by importing — and ultimately consuming — diamonds.

Image: Streets in Manhattan, New York. (Pixabay)
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Tags: net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US, US trade data
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