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US Diamond Imports End 2021 on a High

Feb 17, 2022 6:52 AM   By Rapaport News
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US polished-diamond imports rose 21% to $1.48 billion in December, capping off a year of recovery for the trade. The 12-month figure jumped 64%, according to recent data from the US Department of Commerce.

US Trade Data for December 2021

  December 2021 Year-on-Year Change
     
Polished imports $1.48B 21%
Polished exports $1.16B 15%
Net polished imports $318M 49%
Rough imports $49M -8%
Rough exports $16M -71%
Net rough imports $33M 2020: Deficit of $1M
Net diamond account $350M 66%
     
Polished imports: volume 749,300 carats -19%
Average price of polished imports $1,977/carat 48%
     
  Full Year 2021 Year-on-Year Change
     
Polished imports $19.38B 64%
Polished exports $14.37B 42%
Net polished imports $5.01B 193%
Rough imports $486M 87%
Rough exports $385M 46%
Net rough imports $100M 2020: Deficit of $3M
Net diamond account $5.11B 199%
     
Polished imports: volume 11.3 million carats 58%
Average price of polished imports $1,720/carat 4%


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: Times Square, New York. (Shutterstock)
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