RAPAPORT… Hong Kong’s polished-diamond imports rose 33% to $14.4 billion last year as demand returned following the 2020 lockdowns. However, figures were still well below 2019, when the municipality shipped in $16.5 billion of polished.
Hong Kong Trade Data for 4Q 2021
| October-December 2021 | Year-on-year change | |
| Polished imports | $3.51B | -1% |
| Polished exports | $3.25B | 0% |
| Net polished imports | $256M | -15% |
| Rough imports | $215M | -12% |
| Rough exports | $278M | 7% |
| Net rough imports | -$63M | Deficit increased 291% |
| Net diamond account | $193M | -32% |
| Polished imports: volume | 4.3 million carats | 5% |
| Average price of polished imports | $807/carat | -6% |
| Full Year 2021 | Year-on-year change | |
| Polished imports | $14.4B | 33% |
| Polished exports | $12.89B | 32% |
| Net polished imports | $1.51B | 48% |
| Rough imports | $956M | 66% |
| Rough exports | $1.07B | 56% |
| Net rough imports | -$110M | 0% |
| Net diamond account | $1.4B | 53% |
| Polished imports: volume | 17.3 million carats | 43% |
| Average price of polished imports | $832/carat | -7% |
Fourth-quarter figures are Rapaport calculations based on full-year data from the Diamond Federation of Hong Kong, China.
Source: Diamond Federation of Hong Kong, China; Rapaport 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: Victoria Harbour, Hong Kong. (Shutterstock)
