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US Polished Imports Continue to Slide

Sep 30, 2020 4:25 AM   By Rapaport News
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US polished-diamond imports fell 50% to $806 million in July, according to data from the Commerce Department. The decline was steeper than June’s 34% drop.

US Trade Data for July 2020
  July 2020 Year-on-year change
     
Polished imports $806M -50%
Polished exports $868M -25%
Net polished imports -$62M 2019: Surplus of $444M
Rough imports $8M -75%
Rough exports $10M -38%
Net rough imports -$2M 2019: Surplus of $16M
Net diamond account -$64M 2019: Surplus of $461M
     
Polished imports: volume 497,420 carats -37%
Average price of polished imports $1,620/carat -20%
     
  Jan-July 2020 Year-on-year change
     
Polished imports $5.73B -54%
Polished exports $5.3B -53%
Net polished imports $429M -65%
Rough imports $80M -66%
Rough exports $108M -48%
Net rough imports -$28M 2019: Surplus of $30M
Net diamond account $401M -68%
     
Polished imports: volume 2.9 million carats -50%
Average price of polished imports $1,964/carat -9%


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: New York City. (Shutterstock)
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Tags: Commerce Department, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, US
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