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US Polished Imports Return to Downward Trend

Apr 13, 2021 6:49 AM   By Rapaport News
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US polished-diamond imports fell again in February after showing signs of stabilizing in the previous month, according to recent data from the US Department of Commerce. Shipments dropped 7% to $1.35 billion as a 9% drop in the average price outweighed a slight increase in the volume of imports.

US Trade Data for February 2021

  February 2021 Year-on-year change
     
Polished imports $1.35B -7%
Polished exports $1.01B -27%
Net polished imports $344M 466%
Rough imports $35M 45%
Rough exports $34M 62%
Net rough imports $1M -67%
Net diamond account $345M 440%
     
Polished imports: volume 667,030 carats 2%
Average price of polished imports $2,022/carat -9%
     
  January-February 2021 Year-on-year change
     
Polished imports $2.77B -3%
Polished exports $2.12B -20%
Net polished imports $654M 184%
Rough imports $46M 3%
Rough exports $38M -33%
Net rough imports $7M 2019: Deficit of $13M
Net diamond account $662M 205%
     
Polished imports: volume 1.5 million carats 1%
Average price of polished imports $1,878/carat -4%


Sources: US Department of Commerce; 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: Empire State Building with US flags. (Shutterstock)
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Tags: Commerce Department, Department of Commerce, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, US, US Department of Commerce
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