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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

  April 2022 Year-on-year change
     
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%
     
Polished imports: volume 772,310 carats -24%
Average price of polished imports $2,327/carat 48%
     
  January-April 2022 Year-on-year change
     
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%
     
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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