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US Polished Imports Grow Slightly in August
Nov 13, 2022 11:14 AM
By Joshua Freedman
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RAPAPORT... US polished-diamond imports crept up 1% year on year to $1.81 billion in August, according to recent data from the country’s Department of Commerce. The average price jumped 65%, outweighing a 39% slump in import volume.
US Trade Data for August 2022
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August 2022 |
Year-on-year change |
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| Polished imports |
$1.81B |
1% |
| Polished exports |
$1.57B |
28% |
| Net polished imports |
$233M |
-58% |
| Rough imports |
$11M |
-66% |
| Rough exports |
$38M |
-38% |
| Net rough imports |
-$26M |
Deficit decreased 2% |
| Net diamond account |
$206M |
-61% |
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| Polished imports: volume |
730,370 carats |
-39% |
| Average price of polished imports |
$2,474/carat |
65% |
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January-August 2022 |
Year-on-year change |
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| Polished imports |
$16.49B |
29% |
| Polished exports |
$12.36B |
33% |
| Net polished imports |
$4.14B |
18% |
| Rough imports |
$189M |
-36% |
| Rough exports |
$213M |
-19% |
| Net rough imports |
-$24M |
2021: Surplus of $33M |
| Net diamond account |
$4.11B |
17% |
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| Polished imports: volume |
7.2 million carats |
-5% |
| Average price of polished imports |
$2,275/carat |
35% |
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)
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Tags:
Department of Commerce, exports, imports, Joshua Freedman, 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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