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Hong Kong's Polished Imports +10% in 1Q
May 18, 2014 4:51 AM
By Ronen Shnidman
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RAPAPORT... Hong Kong’s polished diamond imports grew 10 percent year on year to $4.928 billion in the first quarter that ended March 31, according to the Diamond Federation of Hong Kong, China Ltd. By volume, polished imports fell 1 percent to 5.538 million carats. The average price for polished imports rose 12 percent to $890 per carat.
Polished exports rose 19 percent to $3.511 billion, leaving net polished imports -- the excess of imports over exports -- down 7 percent to $1.416 billion for the period.
Rough diamond imports to Hong Kong increased 15 percent to $533.6 million during the quarter. By volume, rough imports fell 2 percent to 4.01 million carats and the average price rose 18 percent to $133 per carat. Exports of rough diamonds declined 21 percent to $549.6 million. Hong Kong's net rough imports, which is calculated as imports minus exports, improved to a deficit of $15.95 million, compared with a deficit of $231.37 million in the first quarter of 2013.
Hong Kong’s net diamond account, representing the value of total polished and rough imports over total exports, dropped 16 percent year on year to $1.401 billion during the first quarter.
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Tags:
diamond account, Diamond Federation, Hong Kong, imports, Polished Diamond, Ronen Shnidman, Rough markets
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