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Hong Kong Polished Imports Slide

Shipments down 32% in third quarter; rate of decline eases.
Nov 1, 2020 10:06 AM   By Rapaport News
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RAPAPORT... 
Hong Kong’s diamond trade continued to decline in the third quarter, though the downturn was gentler than during the first half of the year. Polished imports fell 32% year on year to $2.69 billion in the three months ending September 30, compared with 54% in the first quarter and 45% in the second, according to calculations based on recent data from the Diamond Federation of Hong Kong, China.

Hong Kong Trade Data for 3Q 2020

  July-September 2020 Year-on-year change
Polished imports $2.69B -32%
Polished exports $2.81B -2%
Net polished imports -$124M 2019: Surplus of $1.1B
Rough imports $108M -56%
Rough exports $149M -49%
Net rough imports -$41M Deficit decreased 15%
Net diamond account -$165M 2019: Surplus of $1.05B
     
Polished imports: volume 3.3 million carats -25%
Average price of polished imports $806/carat -10%
     
  January-September 2020 Year-on-year change
Polished imports $7.25B -45%
Polished exports $6.53B -33%
Net polished imports $724M -78%
Rough imports $332M -69%
Rough exports $425M -62%
Net rough imports -$93M Deficit increased 139%
Net diamond account $630M -81%
     
Polished imports: volume 7.9 million carats -42%
Average price of polished imports $913/carat -4%

Second-quarter figures are Rapaport calculations based on data for the first nine months of 2020 from the Diamond Federation of Hong Kong, China.


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

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: The Hong Kong skyline. (Pixabay)
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Tags: Diamond Federation of Hong Kong, Diamond Federation of Hong Kong China, Hong Kong, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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