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US Polished Imports Decline

Dec 25, 2019 8:53 AM   By Rapaport News
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RAPAPORT... The US diamond trade continued to slow in October. Polished imports fell 38% to $1.45 billion for the month, marking the steepest year-on-year drop since 2009 and the seventh consecutive month of decline, according to Rapaport records. Polished exports dropped 35% to $1.07 billion, government data showed. 

US Trade Data for October 2019
  Oct 2019 Year-on-year change
     
Polished imports $1,448 -38%
Polished exports $1,066 -35%
Net polished imports $382 -45%
Rough imports $27 -8%
Rough exports $10 -72%
Net rough imports $16 2018: Deficit of $9M
Net diamond account $399 -42%
     
Polished imports: volume 699,520 carats -31%
Average price of polished imports $2,070/carat -9%
     
     
  Jan-Oct 2019 Year-on-year change
     
Polished imports $16,817 -16%
Polished exports $15,004 -10%
Net polished imports $1,813 -44%
Rough imports $289 -41%
Rough exports $255 -40%
Net rough imports $33 -51%
Net diamond account $1,847 -45%
     
Polished imports: volume 8.1 million carats -5%
Average price of polished imports $2,075/carat -11%
   
All numbers in millions unless stated otherwise.  


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.

Image: The Empire State Building in New York. (Sam Valadi/Flickr)
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Tags: Government, net diamond account, net polished imports, Net rough imports, new york, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US
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