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RAPAPORT… US polished-diamond imports more than doubled to $1.79 billion in August from $821.1 million for the same month of 2020, according to recent data from the US Department of Commerce. Shipments have increased year on year for each of the six months through August amid a recovery from the Covid-19 downturn.
US Trade Data for August 2021
| August 2021 | Year-on-year change | |
| Polished imports | $1.79B | 118% |
| Polished exports | $1.23B | 64% |
| Net polished imports | $559M | 651% |
| Rough imports | $33M | 63% |
| Rough exports | $60M | 539% |
| Net rough imports | -$27M | 2020: Surplus of $11M |
| Net diamond account | $533M | 523% |
| Polished imports: volume | 1.2 million carats | 103% |
| Average price of polished imports | $1,501/carat | 7% |
| January-August 2021 | Year-on-year change | |
| Polished imports | $12.77B | 95% |
| Polished exports | $9.28B | 54% |
| Net polished imports | $3.5B | 594% |
| Rough imports | $297M | 194% |
| Rough exports | $264M | 124% |
| Net rough imports | $33M | 2020: Deficit of $17M |
| Net diamond account | $3.53B | 625% |
| Polished imports: volume | 7.6 million carats | 117% |
| Average price of polished imports | $1,681/carat | -10% |
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: 47th Street, New York. (Shutterstock)
