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RAPAPORT… Hong Kong’s polished-diamond imports rose 47% year on year to $3.43 billion in the first quarter of 2021, reflecting an improvement in market conditions compared with the onset of the coronavirus crisis. However, shipments were still well below the $5.02 billion the municipality recorded in the same period of 2019.
Hong Kong Trade Data for 1Q 2021
| January-March 2021 | Year-on-year change | |
| Polished imports | $3.43B | 47% |
| Polished exports | $3.31B | 56% |
| Net polished imports | $114M | -44% |
| Rough imports | $210M | 36% |
| Rough exports | $241M | 21% |
| Net rough imports | -$31M | Deficit decreased 30% |
| Net diamond account | $83M | -48% |
| Polished imports: volume | 3.9 million carats | 66% |
| Average price of polished imports | $876/carat | -11% |
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 from Victoria Peak. (Shutterstock)
