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US Polished Imports Rise for Sixth Month in a Row

Nov 1, 2021 10:56 AM   By Rapaport News
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RAPAPORT... 
US polished-diamond imports more than doubled to $1.79 billion in August from $821.1 million for the same month of 2020, according to recent data from the US Department of Commerce. Shipments have increased year on year for each of the six months through August amid a recovery from the Covid-19 downturn.

US Trade Data for August 2021

  August 2021 Year-on-year change
     
Polished imports $1.79B 118%
Polished exports $1.23B 64%
Net polished imports $559M 651%
Rough imports $33M 63%
Rough exports $60M 539%
Net rough imports -$27M 2020: Surplus of $11M
Net diamond account $533M 523%
     
Polished imports: volume 1.2 million carats 103%
Average price of polished imports $1,501/carat 7%
     
  January-August 2021 Year-on-year change
     
Polished imports $12.77B 95%
Polished exports $9.28B 54%
Net polished imports $3.5B 594%
Rough imports $297M 194%
Rough exports $264M 124%
Net rough imports $33M 2020: Deficit of $17M
Net diamond account $3.53B 625%
     
Polished imports: volume 7.6 million carats 117%
Average price of polished imports $1,681/carat -10%


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: 47th Street, New York. (Shutterstock)
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Tags: data, Department of Commerce, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data, US
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