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US Imports Drop – but at Slower Rate

Aug 17, 2020 8:00 AM   By Rapaport News
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US polished-diamond imports fell again in June, but the rate of decline eased as the economy reopened following lockdowns. Shipments were down 34% to $822 million for the month, according to the Commerce Department, compared with drops of 61% in March, 98% in April and 87% in May.

US Trade Data for June 2020
  June 2020 Year-on-year change
     
Polished imports $822M -34%
Polished exports $519M -72%
Net polished imports $303M 2019: Deficit of $615M
Rough imports $11M -75%
Rough exports $15M -55%
Net rough imports -$4M 2019: Surplus of $10M
Net diamond account $299M 2019: Deficit of $605M
     
Polished imports: volume 377,420 carats -40%
Average price of polished imports $2,177/carat 10%
     
  Jan-June 2020 Year-on-year change
     
Polished imports $4.92B -55%
Polished exports $4.43B -56%
Net polished imports $491M -38%
Rough imports $72M -65%
Rough exports $98M -49%
Net rough imports -$26M 2019: Surplus of $14M
Net diamond account $465M -42%
     
Polished imports: volume 2.4 million carats -52%
Average price of polished imports $2,035/carat -7%


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 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: Brooklyn Bridge and Manhattan, New York. (Shutterstock)
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Tags: Commerce Department, net diamond account, net polished imports, Net rough imports, Polished Diamonds, polished exports, polished imports, Rapaport News, Rough Diamonds, rough exports, rough imports, US
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