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Hong Kong Polished Trading Recovers
Feb 10, 2021 10:43 AM
By Rapaport News
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RAPAPORT... Hong Kong saw its first quarterly rise in polished-diamond imports for more than two years as global trading picked up following a slump in early 2020. Shipments into the municipality rose 4% year on year to $3.55 billion for the October-to-December period, according to calculations based on data released this week by the Diamond Federation of Hong Kong, China.
Hong Kong Trade Data for 4Q 2020
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October-December 2020 |
Year-on-year change |
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Polished imports |
$3.55B |
4% |
Polished exports |
$3.25B |
12% |
Net polished imports |
$300M |
-41% |
Rough imports |
$244M |
2% |
Rough exports |
$261M |
-11% |
Net rough imports |
-$16M |
Deficit decreased 70% |
Net diamond account |
$284M |
-38% |
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Polished imports: volume |
4.1 million carats |
7% |
Average price of polished imports |
$857/carat |
-3% |
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FY 2020 |
Year-on-year change |
Polished imports |
$10.8B |
-35% |
Polished exports |
$9.78B |
-23% |
Net polished imports |
$1.02B |
-73% |
Rough imports |
$576M |
-56% |
Rough exports |
$685M |
-51% |
Net rough imports |
-$109M |
Deficit increased 18% |
Net diamond account |
$915M |
-76% |
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Polished imports: volume |
12.1 million carats |
-31% |
Average price of polished imports |
$894/carat |
-5% |
Fourth-quarter figures are Rapaport calculations based on full-year data from the Diamond Federation of Hong Kong, China.
Source: Diamond Federation of Hong Kong, China; Rapaport calculations and archives.
About the data: As an important consumer market and gateway to China, Hong Kong is a net importer of polished diamonds. 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. Hong Kong has no operational diamond mines but has a manufacturing sector, so it should normally ship more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is Hong Kong’s diamond trade balance, and shows the added value the city creates by importing — and ultimately consuming — diamonds.
Image: Hong Kong. (Shutterstock)
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Tags:
China, Diamond Federation of Hong Kong China, Hong Kong, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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