Hong Kong’s polished-diamond imports increased 3% to $14.81 billion in 2022 as the market continued to recover from the Covid-19 downturn, according to recent data from the Diamond Federation of Hong Kong, China. A rise in the average price outweighed a decline in volume for the quarter and the full year, figures showed.
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.
Main image: The Mong Kok area of Hong Kong. (Shutterstock)