U.S. Polished Diamond Imports UpPolished imports to the U.S. rose 85 percent year over year to $1.6 billion in March 2010. By volume, imports increased 63 percent to 1.212 million carats as the average price of these stones jumped 14 percent to $1,281.98 per carat. Polished exports grew by 68 percent to $1.2 billion during the month and net polished imports, the excess of imports over exports, tripled to $336 million, compared against March 2009.
Rough diamond imports to the U.S. increased by 137 percent to $45 million, while rough exports were up 82 percent to $20 million. Net rough imports, the excess of imports over exports, tripled to $25 million. The U.S. March net diamond account, comprised of total imports less total exports, expanded 203 percent to $361 million.
During the first three months of 2010, U.S. polished imports rose 73 percent to $4.1 billion, while by volume, they increased by 57 percent to 3.172 million carats, with average prices up 10 percent year over year to $1,286 per carat. Polished exports improved by 55 percent to $3.1 billion, so net polished imports dropped to $985 million.
Rough imports fell to $121 million during the first quarter, while rough exports increased by 63 percent to $52 million. Net rough imports grew tenfold to $69 million. The U.S. net diamond account for January through March 2010 surged by 184 percent year over year to stand at $1.1 billion.
India’s Polished Exports JumpIndia’s polished diamond exports surged 116 percent year over year to $1.9 billion in April 2010, according to the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports grew 72 percent compared with the previous year to 5.384 carats as their average price increased by 22 percent to $360.68 per carat. Polished imports were up by 125 percent to $1.3 billion, while net polished exports, the excess of exports over imports, increased by 99 percent to $691.8 million for the month.
Rough imports to India rose 102 percent to $967.1 million, while rough exports grew 57 percent to $78.9 million. India’s net rough imports, the excess of imports over exports, grew 107 percent to $888.2 million.
Israel’s Polished Diamond Exports SoarIsrael’s polished diamond exports shot up 417 percent year over year to $482.9 million in April 2010, according to data published by the country’s Central Bureau of Statistics (CBS). The increase was largely influenced by the weakness in the diamond market during April 2009, when Israel imported just $93.4 million worth of polished diamonds.
Similarly, rough exports increased by 114 percent to $232 million in April 2010, as the country’s polished and rough exports combined grew 254 percent to $714.9 million. Imports of rough and polished diamonds combined rose 84 percent to $556.6 million in April. Israel’s April net diamond account, representing the excess of total exports over imports, climbed to $158.3 million from negative $101.2 million in April 2009. CBS does not provide separate data for rough and polished imports.
During the first four months of the year, Israel’s polished exports rose 88 percent to $1.9 billion, while its rough exports increased 145 percent to $1.1 billion. Combined polished and rough exports grew by 105 percent to $3 billion. Total imports of polished and rough diamonds rose 134 percent to $2.3 billion. Israel’s net diamond account grew 45 percent to $695.7 million during the period.
Japan’s Polished Imports GrowJapan’s polished diamond imports increased 17 percent year over year to $69.4 million in March 2010, according to data provided by Momozawa & Co. — formerly known as the J Club, Inc. — based on information from the Customs Bureau of the country’s Ministry of Finance. By volume, polished imports dropped 10 percent to 197.2 million. Polished imports from India were up 32 percent compared with March 2009 to $29.6 million, those from Belgium grew 17 percent to $13 million, imports from Hong Kong rose 9 percent to $11.4 million and those from Thailand jumped 56 percent to $4.2 million.
For the year to date, Japan’s polished diamond imports remained flat compared with 2009 at $174 million, though by volume, the imports fell 1 percent to 572,906 carats.
Gem Diamonds’ Rough Sales IncreaseGem Diamonds reported that its rough diamond sales rose 11 percent to $42.9 million in the first quarter that ended on May 10, 2010, based on a strong price recovery. The sharp rise in rough prices was evident at the company’s Letseng mine in Lesotho, where sales increased by 20 percent to $27.1 million during the quarter, despite a 30 percent decline in the number of carats sold – 15,468 – for the period. The average price of Letseng diamonds rose 72 percent compared with the first quarter of last year to $1,753 per carat in 2010. This trend continued into the second quarter, with Letseng’s April tender achieving an average price of $2,002 per carat. Production from the Letseng mine fell 6 percent to 20,507 carats during the quarter as output focused on the main pipe, resulting in a lower grade recovery.
Similar price trends were observed at the company’s Ellendale mine in Australia, with sales there falling 2 percent to $15.8 million, buoyed by a 379 percent rise in prices to an average of $489 per carat. The number of carats sold dropped by 79 percent to 32,286 carats. During the period, Gem Diamonds kept the Ellendale E4 pipe on care and maintenance and mined only the E9.
The company further reported that the resource estimate for its Gope project in Botswana increased by 6.2 percent to 20.5 million carats, with the average resource price rising 19 percent to $162 per carat. Two rare blue diamonds were recovered in the process of sampling from the project.
Hong Kong’s Precious Metal Exports Rise
Hong Kong’s precious metal jewelry exports increased by 36 percent year over year to $353 million in March, according to data published by the Hong Kong Trade Development Council (HKTDC) and sourced from the Hong Kong Trade Statistics, Census & Statistics Department. Of the country’s total exports, $83 million worth came from the domestic market, representing an increase of 17 percent over March 2009, while re-exports from other countries rose 27 percent year over year to $270 million. Hong Kong’s precious metal jewelry imports jumped 87 percent to $509 million in March 2010.
For the first three months of the year, Hong Kong’s precious metal jewelry exports grew by 29 percent to $885 million compared with one year ago. Domestic exports were up 34 percent to $195 million, while re-exports rose 27 percent to $690 million. Hong Kong’s precious metal jewelry imports increased 53 percent to $1.3 billion during the period.
Sierra Leone’s Diamond Exports ClimbDiamond exports from Sierra Leone grew to $35 million in the first five months of 2010, a 25 percent increase against the same period of 2009, Abdul Ignosi Koroma, deputy minister of mineral resources, told Reuters. Koroma added that the government has tightened its systems so that smuggling diamonds out of the country “is not an easy process.”
Article from the Rapaport Magazine - June 2010. To subscribe click here.