US polished diamond imports increased 40% year on year to $2.2 billion in May, according to recent data from the country’s Department of Commerce. The month is usually one of the busiest for shipments, as companies send goods to America in preparation for the JCK Las Vegas show in early June.
US Trade Data for May 2022
| May 2022 | Year-on-year change | |
|---|---|---|
| Polished imports | $2.2B | 40% |
| Polished exports | $1.4B | 24% |
| Net polished imports | $794M | 79% |
| Rough imports | $17M | -2% |
| Rough exports | $14M | 16% |
| Net rough imports | $3M | -43% |
| Net diamond account | $798M | 77% |
| Polished imports: volume | 1 million carats | 14% |
| Average price of polished imports | $2,144/carat | 23% |
| January-May 2022 | Year-on-year change | |
|---|---|---|
| Polished imports | $10.34B | 35% |
| Polished exports | $7.69B | 36% |
| Net polished imports | $2.65B | 31% |
| Rough imports | $96M | -10% |
| Rough exports | $115M | 25% |
| Net rough imports | -$18M | 2021: Surplus of $15M |
| Net diamond account | $2.63B | 29% |
| Polished imports: volume | 4.6 million carats | 5% |
| Average price of polished imports | $2,267/carat | 28% |
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 at twilight. (Shutterstock)
