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US Diamond Imports Continue to Rise
Oct 3, 2021 9:40 AM
By Rapaport News
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RAPAPORT... US polished-diamond imports saw yet another month of sharp growth, with shipments more than doubling year on year to $1.73 billion in July. The increase reflected higher volumes, which outweighed a steady average price, according to Rapaport calculations based on data from the US Department of Commerce.
US Trade Data for July 2021
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July 2021 |
Year-on-year change |
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| Polished imports |
$1.73B |
115% |
| Polished exports |
$1.16B |
34% |
| Net polished imports |
$569M |
2020: Deficit of $62M |
| Rough imports |
$108M |
1224% |
| Rough exports |
$63M |
541% |
| Net rough imports |
$44M |
2020: Deficit of $2M |
| Net diamond account |
$614M |
2020: Deficit of $64M |
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| Polished imports: volume |
1.1 million carats |
115% |
| Average price of polished imports |
$1,618/carat |
0% |
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January-July 2021 |
Year-on-year change |
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| Polished imports |
$11B |
92% |
| Polished exports |
$8.05B |
52% |
| Net polished imports |
$2.94B |
584% |
| Rough imports |
$263M |
227% |
| Rough exports |
$204M |
88% |
| Net rough imports |
$59M |
2020: Deficit of $28M |
| Net diamond account |
$3B |
647% |
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| Polished imports: volume |
6.4 million carats |
120% |
| Average price of polished imports |
$1,715/carat |
-13% |
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: The west end of the New York diamond district at the corner of 47th Street and 6th Avenue. (Tdorante 10)
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Tags:
net diamond account, net polished imports, Net rough imports, polished exports, polished imports, polished-diamond imports, Rapaport News, rough exports, rough imports, US, US Department of Commerce
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