Hong Kong's Polished Imports -2% in 1Q

RAPAPORT... Hong Kong's polished diamond imports fell 2 percent year on year to $4.842 billion in the first quarter that ended on March 31, according to the Diamond Federation of Hong Kong, China Ltd. Polished imports by volume declined 11.7 percent to 4.9 million carats. Polished exports were basically flat, or down just 0.5 percent, at $3.504 billion, leaving net imports of $1.338 billion compared with $1.421 billion in the first quarter of 2014.

Rough imports fell 18.1 percent year on year to $437.1 million, as the volume plunged 33.4 percent to 2.7 million carats. Exports fell 3.3 percent to $531.2 million, leading to a deficit of $94.1 million compared with a deficit of $16 million one year earlier. Hong Kong's net diamond account, reflecting the difference between net imports and exports, declined 11.5 percent to $1.244 billion.