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US Polished Imports See 20th Consecutive Drop
Jan 31, 2021 5:03 AM
By Rapaport News
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RAPAPORT... US polished-diamond imports fell 1% year on year to $1.37 billion in November, data from the US Commerce Department showed. The decline was the 20th consecutive monthly drop, according to Rapaport records. The November slowdown reflected a sharp slide in the average price per carat (see graph below), which outweighed higher volumes.
US Trade Data for November 2020
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November 2020 |
Year-on-year change |
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| Polished imports |
$1.37B |
-1% |
| Polished exports |
$976M |
-28% |
| Net polished imports |
$389M |
1822% |
| Rough imports |
$60M |
197% |
| Rough exports |
$62M |
168% |
| Net rough imports |
-$2M |
Deficit decreased 43% |
| Net diamond account |
$387M |
2117% |
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| Polished imports: volume |
885,240 carats |
62% |
| Average price of polished imports |
$1,542/carat |
-39% |
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January-November 2020 |
Year-on-year change |
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| Polished imports |
$10.59B |
-42% |
| Polished exports |
$9.09B |
-44% |
| Net polished imports |
$1.5B |
-18% |
| Rough imports |
$207M |
-33% |
| Rough exports |
$208M |
-25% |
| Net rough imports |
-$2M |
2019: Surplus of $31M |
| Net diamond account |
$1.5B |
-20% |
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| Polished imports: volume |
6.2 million carats |
-28% |
| Average price of polished imports |
$1,701/carat |
-19% |
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 it 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: Jewelry-store window in New York. (Shutterstock)
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Tags:
Commerce Department, exports, imports, net diamond account, new york, Rapaport News, US
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