U.S. Polished Imports Down in October U.S. polished diamond imports decreased 10 percent compared with 2008 to $1.3 billion in October, while polished exports were down 13 percent to $921 million. Net polished imports, or imports less exports, for the U.S. came to $419 million during the month, a drop of 3 percent from one year ago.
Rough diamond imports declined 45 percent to $36 million and rough exports fell 4 percent to $26 million. Net rough imports for the U.S., measuring the excess of imports over exports, decreased 74 percent to $10 million during the month. October’s net diamond account, reflecting net polished imports plus net rough imports, fell 9 percent to $429 million.
For the first ten months of the calendar year, polished imports contracted 41 percent to $10.1 billion, while polished exports dropped 38 percent to $7.8 billion. Net polished imports stood at $2.2 billion, down from $4.4 billion in 2008.
Rough imports for the year to date declined by 68 percent to $228 million, while rough exports dropped by 55 percent to $163 million. Net rough imports of $65 million reflected a decrease of 81 percent from 2008. The net diamond account for January through October was $2.3 billion, a 52 percent drop from 2008.
India’s Polished Exports Soar in NovemberIndia’s polished diamond exports more than doubled in November compared with one year ago, closing the month at $1.3 billion, according to data published by the country’s Gem & Jewellery Export Promotion Council (GJEPC). By volume, exports rose 95 percent to 3.898 million carats as the average price of polished increased 14 percent to $344.44 per carat.
India’s polished imports grew 67 percent to $901.4 million during the month, while its net polished exports, reflecting the excess of exports over imports, rose seven-fold to $441.2 million.
India’s rough imports increased 43 percent to $897 million in November and jumped 88 percent by volume to 15.297 million carats, as the average price fell 24 percent to $58.64 per carat. The country’s rough exports grew 48 percent to $65 million and net rough imports, the excess of imports over exports, rose 43 percent to $832 million. India’s November net diamond account improved by 25 percent to a deficit of $390.8 million.
For the calendar year to date, polished exports decreased 12 percent to $12.4 billion, while polished imports declined 3 percent to $6.7 billion. Net polished exports fell 21 percent to $5.7 billion.
Rough imports for the January through November period fell 37 percent to $6 billion and rough exports slumped 16 percent to $641.6 million. Net rough imports were down 38 percent to $5.3 billion. India’s net diamond account for the 11 months was $306.2 million, compared with a deficit of $1.6 billion one year ago.
Belgium’s November Polished Exports Decline Belgium’s polished diamond exports fell 22 percent to $739.4 million in November compared with 2008, the Antwerp World Diamond Centre (AWDC) reported. By volume, polished exports decreased 8 percent to 583,332.61 carats as their average price dropped 15 percent to $1,267.50 per carat.
The U.S. was the top destination for polished goods from Belgium, though Belgian exports to the country were down by 14 percent year over year to $218.8 million. The Far East and India were the only regions to which Belgium increased its exports during the month, with exports to India growing 78 percent to $60.7 million, those to China rising 12 percent to $17.6 million and those to Hong Kong up 6 percent to $123.7 million. Belgium’s polished imports decreased 20 percent to $701.7 million as its net polished exports, representing the amount that exports exceeded imports, fell 45 percent to $37.7 million.
The country’s rough imports grew 43 percent to $731.7 million in November, while its rough exports rose 64 percent to $838.6 million. Net rough imports, the extent to which rough imports exceeded exports, fell to a deficit of $107 million, compared with net imports of $72,000 a year ago. Belgium’s net diamond account, representing total exports less total imports, more than doubled to $144.7 million from $67.6 million in November 2008.
For the first 11 months of the year, polished exports fell 33 percent to $7.9 billion, while polished imports dropped 36 percent to $7.3 billion and net polished exports nearly tripled to $549.4 million. Rough imports declined 43 percent to $5.9 billion and rough exports decreased 37 percent to $6.6 billion. Net rough imports fell to a deficit of $662.7 million. Belgium’s net diamond account for the period extending from January through November more than tripled to $1.2 billion.
Israel’s November Polished Exports Up Israel’s polished diamond exports increased 49 percent to $524.1 million in November compared with the previous year, according to data published by the country’s Central Bureau of Statistics (CBS). Rough exports surged 144 percent to $256.8 million during the month.
Total exports of polished and rough combined climbed 71 percent to $780.9 million as total imports of rough and polished combined rose 75 percent to $695.6 million. Israel’s net diamond account, representing the excess of total exports over total imports, grew 43 percent to $85.3 million. CBS does not provide separate import data for rough and polished diamonds.
Still, for the year to date, polished exports contracted 41 percent to $3.63 billion, while rough exports dropped 47 percent to $1.7 billion compared with 2008. Total diamond imports decreased 48 percent to $4.3 billion. Israel’s net diamond account for January through November fell 9 percent to approximately $1 billion.
Japan’s November Polished Imports Sink Japan’s polished diamond imports fell 5.7 percent in November compared with 2008 to $52.4 million, according to data published by The J Club, based on statistics from the country’s Customs Bureau. By volume, imports increased 38.4 percent to 168,585 carats during the month as the average price of imports dropped 32 percent to $311 per carat.
Imports from India, Japan’s largest source of polished diamonds, grew 70 percent to $24.6 million in November, while imports from Hong Kong rose 54 percent to $3.3 million and those from Thailand increased 28 percent to $2.9 million. Declines were recorded in Japan’s imports from Israel, which were down 49 percent to $4.8 million, and from Belgium, which decreased 48 percent to $12.4 million. For the year to date, Japan’s polished diamond imports fell 21 percent to $575.3 million, with volume down 6 percent to 2,002,190 carats.
Japan’s gold jewelry imports fell 24 percent to $52.8 million in November and by 32 percent to $524.1 million for the year to date. Platinum jewelry imports dropped 4 percent in November to $25.4 million and declined 22 percent to $328.9 million between January and November 2009.
Australia’s Diamond Production PlummetsAustralia’s diamond production decreased 49 percent compared with 2008 to 2.449 million carats during its first fiscal quarter that ended on September 30, 2009, according to the Australian Bureau of Agricultural and Resource Economics (ABARE). However, the country’s output more than quadrupled from the previous quarter, which ended on June 30, 2009, when the Argyle mine was closed for maintenance.
Australia exported all of its production from the September quarter, which was down 65 percent by value from one year earlier to $54.1 million (AUD 59 million) or $22 per carat (AUD 24 per carat). The country’s rough diamond imports fell 7.5 percent by volume to 111,000 carats, with value down 4 percent to $100.9 million (AUD 110 million). The bulk of Australia’s diamond production is sourced from the Argyle mine, owned by Rio Tinto.
Article from the Rapaport Magazine - January 2010. To subscribe click here.