US polished-diamond imports saw a rare decline, falling 5% year on year to $1.89 billion in October, according to recent data from the country’s Department of Commerce. The decrease was the first in 20 months and reflected lower volumes, which outweighed a higher average price.
US Trade Data for October 2022
| October 2022 | Year-on-year change | |||
| Polished imports | $1.89B | -5% | ||
| Polished exports | $1.44B | -13% | ||
| Net polished imports | $452M | 31% | ||
| Rough imports | $19M | 15% | ||
| Rough exports | $13M | -72% | ||
| Net rough imports | $6M | 2021: Deficit of $29M | ||
| Net diamond account | $458M | 45% | ||
| Polished imports: volume | 763,680 carats | -37% | ||
| Average price of polished imports | $2,478/carat | 51% | ||
| January-October 2022 | Year-on-year change | |||
| Polished imports | $20.07B | 24% | ||
| Polished exports | $15.16B | 26% | ||
| Net polished imports | $4.91B | 18% | ||
| Rough imports | $240M | -40% | ||
| Rough exports | $265M | -17% | ||
| Net rough imports | -$24M | 2021: Surplus of $83M | ||
| Net diamond account | $4.88B | 15% | ||
| Polished imports: volume | 8.8 million carats | -9% | ||
| Average price of polished imports | $2,276/carat | 36% |
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 New York skyline. (Shutterstock)
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