|
|
US Polished Trade Grows in First Quarter
May 25, 2022 10:30 AM
By Rapaport News
|
|
|
RAPAPORT... US polished-diamond imports rose 41% to $6.34 billion in the first three months of the year, according to recent data from the US Department of Commerce. The figure did not yet reflect the impact of the Ukraine war, which led to Western restrictions on imports of Russian goods.
The US prohibited the import of Russian-origin diamonds during March and placed further restrictions on transactions with Alrosa in April. However, it took a while for the industry to adjust to the changes.
US Trade Data for March 2022
| |
March 2022 |
Year-on-year change |
| |
|
|
| Polished imports |
$2.27B |
31% |
| Polished exports |
$1.61B |
31% |
| Net polished imports |
$666M |
32% |
| Rough imports |
$21M |
42% |
| Rough exports |
$15M |
-12% |
| Net rough imports |
$6M |
2021: Deficit of $2M |
| Net diamond account |
$672M |
33% |
| |
|
|
| Polished imports: volume |
913,670 carats |
-3% |
| Average price of polished imports |
$2,486/carat |
35% |
| |
|
|
| |
January-March 2022 |
Year-on-year change |
| |
|
|
| Polished imports |
$6.34B |
41% |
| Polished exports |
$4.65B |
39% |
| Net polished imports |
$1.69B |
46% |
| Rough imports |
$53M |
-13% |
| Rough exports |
$73M |
33% |
| Net rough imports |
-$20M |
2021: Surplus of $5M |
| Net diamond account |
$1.67B |
43% |
| |
|
|
| Polished imports: volume |
2.8 million carats |
14% |
| Average price of polished imports |
$2,295/carat |
23% |
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 New York diamond district, October 2015. (Shutterstock)
|
|
|
|
|
|
|
|
|
|
Tags:
Department of Commerce, exports, imports, net diamond account, Rapaport News, Russia, sanctions, US, US Department of Commerce
|
|
|
|
|
|
|
|
|
|
|
|
|