RAPAPORT… US polished-diamond imports soared to $1.59 billion in April, compared with just $28 million a year earlier, as the market rebounded strongly from the 2020 coronavirus slowdown. Shipments into the country for the first four months of 2021 rose 62% year on year, according to data from the US Department of Commerce.
US Trade Data for April 2021
| April 2021 | Year-on-year change | |
| Polished imports | $1.59B | 5574% |
| Polished exports | $1.18B | 529% |
| Net polished imports | $413M | 2020: Deficit of $159M |
| Rough imports | $29M | 2020: < $500,000 |
| Rough exports | $25M | 314% |
| Net rough imports | $5M | 2020: Deficit of $6M |
| Net diamond account | $417M | 2020: Deficit of $165M |
| Polished imports: volume | 1 million carats | 4962% |
| Average price of polished imports | $1,569/carat | 12% |
| January-April 2021 | Year-on-year change | |
| Polished imports | $6.1B | 62% |
| Polished exports | $4.53B | 24% |
| Net polished imports | $1.57B | 1316% |
| Rough imports | $90M | 63% |
| Rough exports | $80M | 2% |
| Net rough imports | $10M | 2020: Deficit of $23M |
| Net diamond account | $1.58B | 1692% |
| Polished imports: volume | 3.4 million carats | 77% |
| Average price of polished imports | $1,778/carat | -8% |
Source: US Department of Commerce data; Rapaport archives.
About the data: The US, the world’s largest diamond retail market, is a net importer of polished. 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. The nation has no operational diamond mines but has a manufacturing sector, so it normally ships more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is the US’s diamond trade balance, and shows the added value the nation creates by importing — and ultimately consuming — diamonds.
Image: Polished diamonds in cases. (Rapaport News)
