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US Diamond Imports Continue to Rise

Oct 3, 2021 9:40 AM   By Rapaport News
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RAPAPORT... US polished-diamond imports saw yet another month of sharp growth, with shipments more than doubling year on year to $1.73 billion in July. The increase reflected higher volumes, which outweighed a steady average price, according to Rapaport calculations based on data from the US Department of Commerce.

US Trade Data for July 2021

  July 2021 Year-on-year change
     
Polished imports $1.73B 115%
Polished exports $1.16B 34%
Net polished imports $569M 2020: Deficit of $62M
Rough imports $108M 1224%
Rough exports $63M 541%
Net rough imports $44M 2020: Deficit of $2M
Net diamond account $614M 2020: Deficit of $64M
     
Polished imports: volume 1.1 million carats 115%
Average price of polished imports $1,618/carat 0%
     
  January-July 2021 Year-on-year change
     
Polished imports $11B 92%
Polished exports $8.05B 52%
Net polished imports $2.94B 584%
Rough imports $263M 227%
Rough exports $204M 88%
Net rough imports $59M 2020: Deficit of $28M
Net diamond account $3B 647%
     
Polished imports: volume 6.4 million carats 120%
Average price of polished imports $1,715/carat -13%


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 west end of the New York diamond district at the corner of 47th Street and 6th Avenue. (Tdorante 10)
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Tags: net diamond account, net polished imports, Net rough imports, polished exports, polished imports, polished-diamond imports, Rapaport News, rough exports, rough imports, US, US Department of Commerce
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