RAPAPORT… US polished-diamond imports climbed 7% year on year to $1.43 billion in September, a slimmer increase than in the last few months, according to recent data from the US Department of Commerce. The average price of shipments increased, but the volume fell.
US Trade Data for September 2021
| September 2021 | Year-on-year change | |
| Polished imports | $1.43B | 7% |
| Polished exports | $1.1B | 18% |
| Net polished imports | $330M | -18% |
| Rough imports | $89M | 568% |
| Rough exports | $10M | -45% |
| Net rough imports | $80M | 2020: Deficit of $5M |
| Net diamond account | $410M | 3% |
| Polished imports: volume | 869,300 carats | -12% |
| Average price of polished imports | $1,647/carat | 22% |
| January-September 2021 | Year-on-year change | |
| Polished imports | $14.21B | 80% |
| Polished exports | $10.38B | 49% |
| Net polished imports | $3.82B | 321% |
| Rough imports | $386M | 238% |
| Rough exports | $274M | 102% |
| Net rough imports | $112M | 2020: Deficit of $21M |
| Net diamond account | $3.94B | 344% |
| Polished imports: volume | 8.5 million carats | 89% |
| Average price of polished imports | $1,678/carat | -4% |
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: The diamond district in New York. (Shutterstock)
