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Polished diamond imports to the U.S. in April 2009 dropped 47 percent compared with the previous year to $794.2 million, according to trade data from the U.S. Department of Commerce. The nation’s polished diamond exports fell 46 percent to $589.8 million. Net polished imports, the extent to which imports exceeded exports, decreased 52 percent to $204.4 million during the month.
Rough imports sank 64 percent to $20.6 million, while rough exports were down 40 percent to $12 million. Net rough imports declined 76 percent to $8.6 million. The U.S. net diamond account, measuring total imports less total exports, fell 54 percent to $213 million in April.
For the year to date, U.S. figures showed similar declines, with polished imports decreasing by 51 percent to $3.2 billion and polished exports dropping 44 percent to $2.6 billion. Net polished imports for the period from January through April were down 68 percent to $575.8 million. Rough imports for the period sank 77 percent to $60 million and rough exports declined 70 percent to $43.4 million. Net rough imports were $16.6 million, a drop of 86 percent from 2008. For the year to date, the net diamond account dropped 69 percent to $592.4 million.
India’s Polished Exports DeclineIndia’s polished diamond exports fell 31 percent in May compared with the previous year to $888.2 million, according to data published by the Gem & Jewellery Export Promotion Council (GJEPC). India’s polished imports decreased 11 percent to $442.1 million and the country’s net polished exports, measuring the extent to which polished exports exceed imports, tumbled 43 percent to $446.1 million.
Rough imports declined 36 percent to $589.2 million for the month, while rough exports decreased a mere 7 percent to $48.2 million. Net rough imports — rough imports less exports — dropped 38 percent to $541 million. The country’s net diamond account, which measures the amount that total exports exceed total imports, fell 18 percent to a deficit of $94.9 million during May.
For the first five months of the year, India’s polished exports sank 34 percent to $4.4 billion and polished imports dropped 17 percent to $2.5 billion. Rough imports for the period from January through May decreased 60 percent to $1.8 billion, while rough exports were down 20 percent to $263 million.
Belgium’s Polished Exports Fall Belgium’s polished diamond exports decreased 40 percent in May from a year earlier to $662.4 million, HRD Antwerp reported. By volume, exports declined 24 percent to 605,611.08 carats and average prices fell 21 percent to $1,093.81 per carat. Polished imports dropped 48 percent to $506.9 million, as net polished exports — polished exports less imports — rose 28 percent to $155.6 million.
The U.S. was the largest importer of polished goods from Belgium in May, despite a 39 percent decline in exports there to $253.8 million. Belgium’s exports to Hong Kong fell 13 percent to $86.5 million, those to Israel were down 54 percent to $74 million and exports to Switzerland dropped 69 percent to $26.9 million.
Belgium’s rough imports for the month fell 58 percent to $406.3 million and decreased 43 percent by volume to 5.3 million carats. Rough exports dropped 48 percent to $564.6 million. Net rough imports — rough imports less exports — were down 22 percent to a deficit of $158.3 million. Belgium’s net diamond account, measuring the excess of total exports over total imports, climbed 24 percent to $313.9 million.
Israel’s Polished Exports TumbleIsrael’s polished diamond exports declined 55 percent to $463.1 million in May 2009 compared with May 2008, according to data published by the country’s Central Bureau of Statistics (CBS). Rough exports fell 54 percent to $170.7 million during the month. Total exports — both polished and rough — dropped 55 percent to $633.8 million.
The country’s total diamond imports decreased 63 percent to $332.3 million. Israel’s net diamond account for May, representing the extent to which total diamond exports exceeded imports, fell 39 percent to $301.5 million.
During the first five months of the year, Israel’s polished exports declined 53 percent to $1.7 billion, while rough exports dropped 65 percent to $606 million. Total exports were down 57 percent to $2.3 billion and total imports decreased 67 percent to $1.3 billion. As a result, Israel’s net diamond account for January through May fell 22 percent to $952.6 million. CBS does not provide separate import data for rough and polished diamonds.
China’s Polished Imports UpChina’s polished diamond imports rose 11.3 percent in April compared with the previous month to $63.3 million, representatives of the Shanghai Diamond Exchange (SDE) confirmed. Imports grew 16.4 percent, according to the SDE’s figures. For the year to date, the country’s diamond imports fell 2.8 percent to $420 million and 55.1 percent by volume to 25.87 million carats.
Japan’s Polished Imports Sink Japan’s polished diamond imports fell 30 percent year over year to $46.2 million in April 2009, according to data published by The J Club, based on statistics from the Customs Bureau of the Finance Ministry. By volume, the country’s diamond imports declined 9 percent to 242,766 carats, as the average price decreased 24 percent compared with a year earlier to $190 per carat.
Imports from India were down 35 percent to $19.5 million; from Belgium, they fell 28 percent to $10.7 million; and from Hong Kong, imports decreased 29 percent to $3.7 million. The biggest decline was observed in imports from Israel, which were down 58 percent to $3.4 million.
For the first four months of the year, Japan’s polished imports dropped 22 percent to $220.5 million. Imports by volume rose 2 percent to 823,343 carats.
Japan’s gold jewelry imports declined 45 percent to $42.1 million in April and decreased 38 percent to $181 million for the year to date. Platinum jewelry imports fell by 28 percent to $29.9 million for the month and by 27 percent to $119.6 million between January and April. Silver jewelry imports were down 15 percent in April to $17.1 million.
Australia’s Rough Exports ErodeAustralia’s rough diamond exports fell 33 percent to $77.9 million (AUD 95 million) in the quarter that ended March 31, 2009, impacted by a sharp decline in prices from a year earlier, according to data published by the Australian Bureau of Agricultural and Resource Economics (ABARE). Exports by volume rose 39 percent to 3.175 million carats, as the average price dropped 52 percent to $24.52 (AUD 29.92) per carat. The country’s diamond imports fell 12 percent to $81.1 million (AUD 99 million).
Production during the period doubled to 4.579 million carats, the result of doubled output at Rio Tinto’s Argyle mine to 4.4 million carats. The mine accounts for about 96 percent of Australia’s diamond production.
Exports of gems other than diamonds decreased 17 percent to $12.3 million (AUD 15 million) during the three-month period. Refined gold exports grew 89 percent to $4.4 billion (AUD 5.4 billion).
SA’s Diamond Production PlungesSouth Africa’s diamond production fell 62 percent by volume in April 2009 compared with one year ago, according to a report by Statistics South Africa (SSA). The country’s total mineral production for the month declined 11 percent, with gold production down 13 percent and nongold production decreasing 10 percent year over year.
From February through April, total mineral production dropped 3.1 percent compared with the previous three months, with diamonds registering the heaviest decrease of all the categories. Diamond production, which contributes 8.3 percent of the country’s total mining volume, accounted for 2.3 percent of the decline. SSA does not provide actual production numbers in its monthly mining production report.
A report released by Frost Sullivan, a global growth consulting company, estimated that the country’s gold mining industry produced about 243 tons (220 metric tons) of gold in 2008. Wonder Nyanjowa, a metals and mining analyst, projected that gold output would decline before recovering in 2014.
Article from the Rapaport Magazine - July 2009. To subscribe click here.