Hong Kong’s polished-diamond imports increased 4% year on year to $3.84 billion in the third quarter of 2022, according to Rapaport calculations based on recent data from the Diamond Federation of Hong Kong, China. The local retail market improved during the period as the government eased Covid-19 rules. However, demand from the mainland — for which Hong Kong is a trading hub — remained weak.
Hong Kong Trade Data for 3Q 2022
|July-September 2022||Year-on-year change|
|Net polished imports||$180M||-65%|
|Net rough imports||-$52M||2021: Surplus of $43M|
|Net diamond account||$127M||-77%|
|Polished imports: volume||4 million carats||-16%|
|Average price of polished imports||$960/carat||24%|
|January-September 2022||Year-on-year change|
|Net polished imports||$1.08B||-14%|
|Net rough imports||-$120M||Deficit increased 159%|
|Net diamond account||$962M||-20%|
|Polished imports: volume||11.5 million carats||-12%|
|Average price of polished imports||$969/carat||16%|
Third-quarter figures are Rapaport calculations based on first-half and nine-month data from the Diamond Federation of Hong Kong, China.
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: Hong Kong at night. (Shutterstock)