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Hong Kong Diamond Imports Rise Sharply

May 11, 2021 10:48 AM   By Rapaport News
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Hong Kong’s polished-diamond imports rose 47% year on year to $3.43 billion in the first quarter of 2021, reflecting an improvement in market conditions compared with the onset of the coronavirus crisis. However, shipments were still well below the $5.02 billion the municipality recorded in the same period of 2019.

Hong Kong Trade Data for 1Q 2021

  January-March 2021 Year-on-year change
Polished imports $3.43B 47%
Polished exports $3.31B 56%
Net polished imports $114M -44%
Rough imports $210M 36%
Rough exports $241M 21%
Net rough imports -$31M Deficit decreased 30%
Net diamond account $83M -48%
Polished imports: volume 3.9 million carats 66%
Average price of polished imports $876/carat -11%

Source: Diamond Federation of Hong Kong, China; Rapaport calculations and archives.

About the data: As an important consumer market and gateway to China, Hong Kong is a net importer of polished diamonds. 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. Hong Kong has no operational diamond mines but has a manufacturing sector, so it should normally ship more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is Hong Kong’s diamond trade balance, and shows the added value the city creates by importing — and ultimately consuming — diamonds.

Image: The Hong Kong skyline from Victoria Peak. (Shutterstock)
Tags: China, Coronavirus, data, Diamond Federation of Hong Kong China, exports, Hong Kong, imports, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data
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