RAPAPORT… US polished-diamond imports reached their highest total for more than two years as the industry prepared inventory for the holiday season.
Shipments jumped 49% year on year to $2 billion in October — a level the trade had not seen for any month since May 2019, according to recent data from the US Department of Commerce. The increase coincided with a sharp rise in India’s polished exports ahead of the Diwali shutdown.
US Trade Data for October 2021
| October 2021 | Year-on-year change | |
| Polished imports | $2B | 49% |
| Polished exports | $1.65B | 46% |
| Net polished imports | $346M | 71% |
| Rough imports | $16M | -49% |
| Rough exports | $46M | 321% |
| Net rough imports | -$29M | 2020: Surplus of $21M |
| Net diamond account | $317M | 42% |
| Polished imports: volume | 1.2 million carats | 44% |
| Average price of polished imports | $1,639/carat | 4% |
| January-October 2021 | Year-on-year change | |
| Polished imports | $16.21B | 76% |
| Polished exports | $12.04B | 48% |
| Net polished imports | $4.17B | 276% |
| Rough imports | $403M | 175% |
| Rough exports | $320M | 118% |
| Net rough imports | $83M | 2020: Deficit of $70,000 |
| Net diamond account | $4.25B | 283% |
| Polished imports: volume | 9.7 million carats | 81% |
| Average price of polished imports | $1,673/carat | -3% |
Source: US Commerce Department 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: New York. (Piqsels)
