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US Diamond Trade Reaches 22-Month High
May 11, 2021 9:44 AM
By Rapaport News
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RAPAPORT... US polished-diamond imports more than doubled year on year to $1.74 billion in March, reaching their highest level since May 2019, according to recent government data. The improvement partly reflects a favorable comparison with the onset of the coronavirus crisis a year earlier.
US Trade Data for March 2021
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March 2021 |
Year-on-year change |
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| Polished imports |
$1.74B |
101% |
| Polished exports |
$1.23B |
49% |
| Net polished imports |
$506M |
1163% |
| Rough imports |
$15M |
33% |
| Rough exports |
$17M |
14% |
| Net rough imports |
-$2M |
Deficit decreased 42% |
| Net diamond account |
$504M |
1287% |
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| Polished imports: volume |
940,530 carats |
107% |
| Average price of polished imports |
$1,845/carat |
-3% |
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January-March 2021 |
Year-on-year change |
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| Polished imports |
$4.51B |
21% |
| Polished exports |
$3.35B |
-3% |
| Net polished imports |
$1.16B |
330% |
| Rough imports |
$60M |
9% |
| Rough exports |
$55M |
-24% |
| Net rough imports |
$5M |
2020: Deficit of $17M |
| Net diamond account |
$1.17B |
360% |
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| Polished imports: volume |
2.4 million carats |
26% |
| Average price of polished imports |
$1,866/carat |
-4% |
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: Jewelry on display at a store window in New York’s diamond district. (Shutterstock)
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Tags:
Coronavirus, data, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US, US Commerce Department
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