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US Diamond Shipments Drop in August

Polished imports slump 25%.
Oct 30, 2019 10:04 AM   By Rapaport News
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RAPAPORT... US polished-diamond imports fell 25% to $1.3 billion in August, reflecting a decline in volumes and average price. Imports were down 11% for the first eight months of the year, according to the latest data from the US Commerce Department.

US Trade Data for August 2019
  Aug 2019 Year-on-year change
     
Polished imports $1,343 -25%
Polished exports $1,190 -32%
Net polished imports $153 187%
Rough imports $10 -61%
Rough exports $24 -25%
Net rough imports $-14 Deficit increased 117%
Net diamond account $139 197%
     
Polished imports: volume 752,740 carats -16%
Average price of polished imports $1,785/carat -11%
     
  Jan-Aug 2019 Year-on-year change
     
Polished imports $13,885 -11%
Polished exports $12,500 -7%
Net polished imports $1,385 -39%
Rough imports $249 -40%
Rough exports $232 -35%
Net rough imports $16 -71%
Net diamond account $1,402 -40%
     
Polished imports: volume 6.6 million carats -1%
Average price of polished imports $2,119/carat -11%
 
All numbers in millions unless stated otherwise.


Source: US Commerce Department data; 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: New York’s 47th Street. (Shutterstock)
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Tags: net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, US, US Commerce Department
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