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Belgium’s Polished Exports Slump 55%
Mar 8, 2020 11:11 AM
By Rapaport News
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RAPAPORT... Belgium’s polished-diamond exports dropped 55% to $560 million in February, reflecting a slowdown in the market due to the coronavirus. However, rough imports grew, continuing a trend that began in January, data from the Antwerp World Diamond Centre (AWDC) showed.
| Belgium Trade Data for February 2020 |
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Feb 2020 |
Year-on-year change |
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| Polished exports |
$560M |
-55% |
| Polished imports |
$685M |
-11% |
| Net polished exports |
-$124M |
2019: Surplus of $470M |
| Rough imports |
$683M |
10% |
| Rough exports |
$718M |
-16% |
| Net rough imports |
-$35M |
Deficit decreased 85% |
| Net diamond account |
-$90M |
2019: Surplus of $702M |
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| Polished exports: volume |
286,756 carats |
-38% |
| Average price of polished exports |
$1,953/carat |
-27% |
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Jan-Feb 2020 |
Year-on-year change |
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| Polished exports |
$1.17B |
-42% |
| Polished imports |
$1.44B |
-16% |
| Net polished exports |
-$271M |
2019: Surplus of $303M |
| Rough imports |
$1.51B |
12% |
| Rough exports |
$1.41B |
-12% |
| Net rough imports |
$104M |
2019: Deficit of $251M |
| Net diamond account |
-$375M |
2019: Surplus of $554M |
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| Polished exports: volume |
586,223 carats |
-25% |
| Average price of polished exports |
$1,988/carat |
-23% |
Source: Antwerp World Diamond Centre; Rapaport archives
About the data: Belgium is usually a net exporter of polished diamonds. As such, net polished exports — representing polished exports minus polished imports — will normally be a positive number. The nation is also a net exporter of rough. While Antwerp is home to some high-value manufacturing, its main role in the market is as a facilitator of rough-diamond trading, with companies from around the world coming to the city to buy rough. The net diamond account is total rough and polished exports minus total imports. It is Belgium’s diamond trade balance, and shows the added value the nation creates by exporting rough or manufacturing it into polished.
Image: Diamond workers in Antwerp. (AWDC)
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Tags:
Antwerp, Antwerp World Diamond Centre, AWDC, Belgium, net diamond account, net polished exports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports, trade data
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