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US Polished Imports Down 61% in March
May 19, 2020 6:47 AM
By Rapaport News
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RAPAPORT... US polished-diamond imports fell in March to their lowest level since April 2009 as the coronavirus hit global trading. The month saw the 12th consecutive year-on-year decline, according to Rapaport archives based on data from the US Commerce Department.
| US Trade Data for March 2020 |
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Mar 2020 |
Year-on-year change |
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| Polished imports |
$863M |
-61% |
| Polished exports |
$823M |
-51% |
| Net polished imports |
$40M |
-93% |
| Rough imports |
$11M |
-72% |
| Rough exports |
$15M |
-78% |
| Net rough imports |
-$4M |
Deficit decreased 86% |
| Net diamond account |
$36M |
-93% | | |
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| Polished imports: volume |
454,810 carats |
-51% |
| Average price of polished imports |
$1,898/carat |
-21% |
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Jan-Mar 2020 |
Year-on-year change |
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| Polished imports |
$3.73B |
-32% |
| Polished exports |
$3.46B |
-31% |
| Net polished imports |
$270M |
-44% | | Rough imports |
$55M |
-51% |
| Rough exports |
$72M |
-44% |
| Net rough imports |
-$17M |
Deficit increased 2% |
| Net diamond account |
$253M |
-45% | | |
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| Polished imports: volume |
1.9 million carats |
-21% |
| Average price of polished imports |
$1,946/carat |
-14% |
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 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.
Correction, August 6, 2020: A previous version of this article contained incorrect data on polished imports and exports for March and the year to date.
Image: A woman wears a mask in Manhattan. (Shutterstock)
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Tags:
Coronavirus, COVID-19, exports, imports, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US, US Commerce Department
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