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US Polished Imports Jump in May

Jul 31, 2022 8:52 AM   By Joshua Freedman
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RAPAPORT... 
US polished-diamond imports increased 40% year on year to $2.2 billion in May, according to recent data from the country’s Department of Commerce. The month is usually one of the busiest for shipments, as companies send goods to America in preparation for the JCK Las Vegas show in early June.

US Trade Data for May 2022

  May 2022 Year-on-year change
     
Polished imports $2.2B 40%
Polished exports $1.4B 24%
Net polished imports $794M 79%
Rough imports $17M -2%
Rough exports $14M 16%
Net rough imports $3M -43%
Net diamond account $798M 77%
     
Polished imports: volume 1 million carats 14%
Average price of polished imports $2,144/carat 23%
     
  January-May 2022 Year-on-year change
     
Polished imports $10.34B 35%
Polished exports $7.69B 36%
Net polished imports $2.65B 31%
Rough imports $96M -10%
Rough exports $115M 25%
Net rough imports -$18M 2021: Surplus of $15M
Net diamond account $2.63B 29%
     
Polished imports: volume 4.6 million carats 5%
Average price of polished imports $2,267/carat 28%


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: New York at twilight. (Shutterstock)
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Tags: Department of Commerce, exports, imports, JCK Las Vegas, Joshua Freedman, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, rough exports, rough imports, trade data
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