Hong Kong’s diamond trade recovered in the first quarter of 2023 as business returned following last year’s Covid-19 shutdown. Polished imports grew 24% year on year to $4.37 billion, according to recent data from the Diamond Federation of Hong Kong, China. Polished exports also rose, while rough shipments declined.
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.
Main image: Hong Kong. (Shutterstock)
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