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US Diamond Trade Reaches 22-Month High

May 11, 2021 9:44 AM   By Rapaport News
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 US polished-diamond imports more than doubled year on year to $1.74 billion in March, reaching their highest level since May 2019, according to recent government data. The improvement partly reflects a favorable comparison with the onset of the coronavirus crisis a year earlier.

US Trade Data for March 2021

  March 2021 Year-on-year change
     
Polished imports $1.74B 101%
Polished exports $1.23B 49%
Net polished imports $506M 1163%
Rough imports $15M 33%
Rough exports $17M 14%
Net rough imports -$2M Deficit decreased 42%
Net diamond account $504M 1287%
     
Polished imports: volume 940,530 carats 107%
Average price of polished imports $1,845/carat -3%
     
  January-March 2021 Year-on-year change
     
Polished imports $4.51B 21%
Polished exports $3.35B -3%
Net polished imports $1.16B 330%
Rough imports $60M 9%
Rough exports $55M -24%
Net rough imports $5M 2020: Deficit of $17M
Net diamond account $1.17B 360%
     
Polished imports: volume 2.4 million carats 26%
Average price of polished imports $1,866/carat -4%


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: Jewelry on display at a store window in New York’s diamond district. (Shutterstock)
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Tags: Coronavirus, data, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US, US Commerce Department
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