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Hong Kong Polished Imports Slump

May 27, 2020 3:03 AM   By Rapaport News
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RAPAPORT... Polished-diamond imports into Hong Kong plummeted 54% to $2.33 billion in the first three months of 2020, reaching their lowest quarterly total since 2009, as the coronavirus hit demand. Polished exports fell 45% to $2.12 billion, according to data from the Diamond Federation of Hong Kong, China.

Hong Kong Trade Data for 1Q 2020
  Jan-Mar 2020 Year-on-year change
     
Polished imports $2.33B -54%
Polished exports $2.12B -45%
Net polished imports $205M -83%
Rough imports $155M -61%
Rough exports $199M -52%
Net rough imports -$44M Deficit increased 122%
Net diamond account $160M -86%
     
Polished imports: volume 2.4 million carats -53%
Average price of polished imports $988/carat -2%


Source: Diamond Federation of Hong Kong, China; Rapaport calculations and archives

About the data: As an important consumer market and gateway to China, Hong Kong is a net importer of polished diamonds. 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. Hong Kong has no operational diamond mines but has a manufacturing sector, so it should normally ship more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is Hong Kong’s diamond trade balance, and shows the added value the city creates by importing — and ultimately consuming — diamonds.

Image: Victoria Harbour, Hong Kong. (Shutterstock)
Tags: China, Diamond Federation of Hong Kong China, Hong Kong, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, Rapaport News, rough exports, rough imports
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