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Hong Kong Polished Imports Recover

Dec 26, 2021 5:59 AM   By Rapaport News
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RAPAPORT... 
Hong Kong’s polished-diamond imports jumped 38% year on year to $3.7 billion in the third quarter of 2021 as the market rebounded. The increase followed several quarters of heavy declines during the 2020 Covid-19 crisis.

Hong Kong Trade Data for 3Q 2021

  July-September 2021 Year-on-year change
     
Polished imports $3.7B 38%
Polished exports $3.19B 14%
Net polished imports $509M 2020: Deficit of $124M
Rough imports $296M 173%
Rough exports $253M 69%
Net rough imports $42M 2020: Deficit of $41M
Net diamond account $552M 2020: Deficit of $165M
     
Polished imports (volume) 4.8 million carats 44%
Average price of polished imports $773/carat -4%
     
  January-September 2021 Year-on-year change
     
Polished imports $10.9B 50%
Polished exports $9.64B 48%
Net polished imports $1.25B 73%
Rough imports $742M 124%
Rough exports $788M 86%
Net rough imports -$46M Deficit decreased 50%
Net diamond account $1.21B 92%
     
Polished imports: volume 13 million carats 63%
Average price of polished imports $840/carat -8%

Third-quarter figures are Rapaport calculations based on data from the Diamond Federation of Hong Kong, China, for the first half and the first nine months of 2020 and 2021.


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.

Correction, December 28, 2021: An earlier version of this article contained some incorrect values and percentages.

Image: Hong Kong. (Shutterstock)
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Tags: China, Diamond Federation of Hong Kong China, Hong Kong, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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