RAPAPORT… Belgium’s polished-diamond exports increased 21% year on year to $660 million in January as momentum in the global market persisted following the holidays. The average price jumped 28%, outweighing a drop in the volume of shipments, according to data the Antwerp World Diamond Centre (AWDC) released last week. Full-year polished exports rose 35% in 2021.
Belgium Trade Data
| January 2022 | Year-on-year change | |
| Polished exports | $660M | 21% |
| Polished imports | $862M | 51% |
| Net polished exports | -$202M | Deficit increased 773% |
| Rough imports | $889M | 42% |
| Rough exports | $954M | 24% |
| Net rough imports | -$65M | Deficit decreased 54% |
| Net diamond account | -$138M | 2021: Surplus of $117M |
| Polished exports (volume) | 268,705 carats | -6% |
| Average price of polished exports | $2,456/carat | 28% |
| December 2021 | Year-on-year change | |
| Polished exports | $765M | 21% |
| Polished imports | $640M | 23% |
| Net polished exports | $125M | 9% |
| Rough imports | $670M | -23% |
| Rough exports | $1.21B | 16% |
| Net rough imports | -$540M | Deficit increased 217% |
| Net diamond account | $665M | 133% |
| Polished exports (volume) | 321,786 carats | 16% |
| Average price of polished exports | $2,379/carat | 4% |
| Full Year 2021 | Year-on-year change | |
| Polished exports | $7.84B | 35% |
| Polished imports | $7.82B | 41% |
| Net polished exports | $21M | -93% |
| Rough imports | $10.44B | 53% |
| Rough exports | $11.12B | 64% |
| Net rough imports | -$675M | 2020: Surplus of $81M |
| Net diamond account | $696M | 245% |
| Polished exports (volume) | 3.7 million carats | 36% |
| Average price of polished exports | $2,131/carat | -1% |
Sources: Antwerp World Diamond Centre (AWDC); Rapaport archives.
About the data: Belgium is usually a net exporter of polished diamonds. As such, net polished exports — representing polished exports minus polished imports — will normally be a positive number. The nation has historically been a net importer of rough, though in recent years, it has often been a net rough exporter. While Antwerp is still home to some high-value manufacturing, its main role in the market is as a facilitator of rough-diamond trading, with companies from around the world coming to the city to buy rough. The net diamond account is total rough and polished exports minus total imports. It is Belgium’s diamond trade balance, and shows the added value the nation creates by exporting rough or manufacturing it into polished.
Image: Antwerp. (Shutterstock)
