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US Polished Imports Grow at Slower Rate
Jul 4, 2022 9:46 AM
By Rapaport News
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RAPAPORT... US polished-diamond imports increased 13% to $1.8 billion in April, but the growth was weaker than in the first quarter of the year, according to recent data from the US Department of Commerce. The month was the first in which the US ban on direct imports of Russian diamonds had a sizable impact on the market, as the sanctions went into effect in mid-March.
US Trade Data for April 2022
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April 2022 |
Year-on-year change |
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| Polished imports |
$1.8B |
13% |
| Polished exports |
$1.64B |
39% |
| Net polished imports |
$161M |
-61% |
| Rough imports |
$27M |
-9% |
| Rough exports |
$28M |
13% |
| Net rough imports |
-$1M |
2021: Surplus of $5M |
| Net diamond account |
$159M |
-62% |
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| Polished imports: volume |
772,310 carats |
-24% |
| Average price of polished imports |
$2,327/carat |
48% |
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January-April 2022 |
Year-on-year change |
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| Polished imports |
$8.14B |
33% |
| Polished exports |
$6.29B |
39% |
| Net polished imports |
$1.85B |
18% |
| Rough imports |
$79M |
-11% |
| Rough exports |
$101M |
26% |
| Net rough imports |
-$22M |
2021: Surplus of $10M |
| Net diamond account |
$1.83B |
16% |
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| Polished imports: volume |
3.5 million carats |
3% |
| Average price of polished imports |
$2,302/carat |
29% |
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: The diamond district on 47th Street, New York, in June 2022. (Shutterstock)
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Tags:
exports, imports, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, US
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