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US Polished Imports Stabilize

Mar 17, 2021 12:02 PM   By Rapaport News
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US polished-diamond imports were flat year on year at $1.43 billion in January, reflecting an easing of the industry’s slowdown that dominated 2020. The month was the first since February 2020 that didn’t feature a notable year-on-year decline, according to Rapaport archives based on data from the US Commerce Department.

US Trade Data for January 2021

  January 2021 Year-on-year change
     
Polished imports $1.43B 0%
Polished exports $1.11M -11%
Net polished imports $311M 84%
Rough imports $11M -47%
Rough exports $4M -89%
Net rough imports $6M 2019: Deficit of $16M
Net diamond account $317M 107%
     
Polished imports: volume 809,910 carats 0%
Average price of polished imports $1,760/carat 0%


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 it 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: New York’s 47th Street. (Shutterstock)
Tags: Commerce Department, exports, imports, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US
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