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Economics
Economic Bulletin
U.S. February Polished Exports Set a Record High U.S. polished diamond exports hit a record high for the month of February at $1.51 billion, a 56 percent year-on-year increase and the third highest for any given month. Polished diamond imports rose 29 percent year on year to approximately $1.63 billion during the month of February. Net imports plummeted 60 percent to $118 million. Rough diamond imports in February skyrocketed 179 percent year on year to $81 million and rough exports rose 81 percent to $29 million, leaving net rough imports of $52 million compared with just $13 million in 2010.
Israel’s Polished Imports, Exports Rise Israel’s polished diamond exports rose 46 percent year on year to $2.12 billion in the first quarter of 2011, the country’s Ministry of Industry, Trade and Labor reported. By volume, the exports increased 12 percent to 934,764.84 carats as their average price rose 30 percent to $2,270.64 per carat. Polished imports rose approximately 49 percent to $1.23 billion during the period as the net polished exports, representing exports less imports, grew 42 percent to $888.4 million. India’s March Polished Diamond Exports Climb Polished diamond exports from India in March rose 59 percent year on year to approximately $3.96 billion and polished imports surged 79 percent to $3.32 billion.Rough diamond imports increased 32 percent to $1.18 billion and rough exports rose 110 percent to $166 million during the month.During the first quarter of calendar year 2011, India exported $9.18 billion in polished diamonds, a jump of 88 percent, while polished imports surged 170 percent to $7.98 billion. Net polished exports fell 38 percent to $1.20 billion, according to data provided by the Gems & Jewellery Export Promotion Council (GJEPC).
India’s net diamond account for January through March fell to a polished export deficit of $1.71 billion, compared with a deficit of only $610 million during the same period one year ago.Belgium’s Polished Exports UpBelgium’s polished diamond exports rose 16 percent year on year to $1.30 billion in March 2011, according to the Antwerp World Diamond Centre (AWDC). By volume, polished exports increased 39 percent to 970,475.92 carats as their average price fell 16 percent to $1,342.90 per carat.During the first quarter of 2011, polished exports rose 30 percent to $3.43 billion with average prices flat year on year at $1,464.46 per carat. Polished imports grew 26 percent to $3.2 billion and net polished exports jumped by 126 percent to $229.8 million during the quarter. Rough imports increased 41 percent to $3.38 billion, while rough exports rose 29 percent to $3.52 billion. Belgium’s first-quarter net diamond account declined 13 percent to $374.6 million.Japan’s Polished Imports DownJapan’s polished diamond imports fell 12 percent year on year to $61 million in March 2011, according to Momozawa & Co., which publishes data from Japan’s Customs Bureau at the Ministry of Finance. The decline was in line with expectations following the earthquake and tsunami. By volume, the polished imports dropped 23 percent to 151,793 carats. The average price of the imports rose 14 percent year on year to $402 per carat. Japan’s polished imports rose 5.5 percent to $183.6 million with volumes flat at 571,688 carats. The average price of imports rose 6 percent to $321 per carat.De Beers Produces 7 Million CaratsDe Beers rough diamond production rose 5 percent year on year to 7.4 million carats during the three months that ended on March 31, 2011, but the figure was the lowest in four quarters, Anglo American reported. Output fell 13 percent compared to the fourth quarter of 2010 due to production constraints, grade variability and adverse weather conditions. BHP Billiton’s Production DropsBHP Billiton’s diamond production fell 28 percent year on year to 551,000 carats in its third fiscal quarter that ended on March 31, 2011. The company explained that output declined due to the lower average ore grade extracted from its Ekati mine.BHP Billiton owns 80 percent of Ekati, which is its only diamond-producing asset. For the first nine months of the fiscal year, production fell 16 percent to 1.93 million carats. The company noted that lower average ore grades are also expected to impact production in the 2012 fiscal year.Rio Tinto’s Output Slumps Rio Tinto reported that first-quarter 2011 diamond production fell 29 percent year on year to approximately 2.5 million carats as output dropped at its Argyle mine in Australia and Diavik mine in Canada. Production at Argyle, in which Rio Tinto has full ownership, fell 35 percent to approximately 1.6 million carats against first-quarter 2010 due in part to adverse weather. First-quarter output at Diavik fell to 812,000 carats, a decrease of 13 percent against the first quarter of 2010. Rio Tinto owns 60 percent of the Diavik mine, with Harry Winston holding the remaining 40 percent.Production at the Murowa mine in Zimbabwe, in which Rio Tinto holds a 77.8 percent stake, stood at 45,000 carats during the first quarter. Letšeng’s Diamond Prices Soar in April Prices of diamonds mined for export at the Letšeng mine in Lesotho continued to rise in April, reaching a record average of $4,272 per carat, Gem Diamonds reported. The company sold 11,126 carats of Letšeng production for $47.6 million during the month with the average price being 79 percent higher than in the first quarter. Of the total, 125 carats valued at $4.7 million were extracted for manufacturing by Gem Diamonds’ beneficiation unit.During the first quarter that ended on March 31, 2011, sales of rough from Letšeng rose 73 percent year on year to $46.8 million with 19,552 carats of rough and 73 carats of polished selling for a combined average of $2,383 per carat. However, the average price was 36 percent below that achieved in the first quarter of 2010. Sales at Gem Diamonds’ Ellendale mine in Australia fell 2 percent to $15.5 million during the first quarter with 32,453 carats selling for an average of $478 per carat. Production at Ellendale fell 36 percent to 25,468 carats due largely to unusually wet weather during the quarter.Lazare Kaplan Estimates Increased Sales Lazare Kaplan International Inc. (LKI) notified the Securities and Exchange Commission (SEC) that its quarterly report for the period that ended on February 28, 2011 would be late due to an inability to resolve a material uncertainty concerning the collectability and recovery of certain assets and its potential obligations under certain lines of credit and a guaranty.However, LKI anticipates that its reported results for the third quarter of fiscal 2011 will reflect a year-on-year net sales increase of 37 percent to approximately $39.5 million, resulting from stronger polished and rough diamond sales. The nine-month total, however, showed a decrease of 20 percent to approximately $101.5 million. Article from the Rapaport Magazine - May 2011. To subscribe click here.
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