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US Polished Imports Spike in June
Aug 29, 2022 7:30 AM
By Joshua Freedman
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RAPAPORT...
US polished-diamond imports rose 55% year on year to $2.2
billion in June, capping off a strong first half of 2022, according to recent data
from the country’s Department of Commerce. Imports for the six months gained
38% year on year.
US Trade Data for June 2022
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June 2022 |
Year-on-year change |
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| Polished imports |
$2.46B |
55% |
| Polished exports |
$1.82B |
47% |
| Net polished imports |
$634M |
82% |
| Rough imports |
$43M |
-13% |
| Rough exports |
$49M |
0% |
| Net rough imports |
-$7M |
2021: Deficit of $120,000 |
| Net diamond account |
$628M |
81% |
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| Polished imports: volume |
1.1 million carats |
6% |
| Average price of polished imports |
$2,285/carat |
45% |
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January-June 2022 |
Year-on-year change |
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| Polished imports |
$12.79B |
38% |
| Polished exports |
$9.51B |
38% |
| Net polished imports |
$3.28B |
39% |
| Rough imports |
$139M |
-11% |
| Rough exports |
$164M |
16% |
| Net rough imports |
-$25M |
2021: Surplus of $15M |
| Net diamond account |
$3.26B |
37% |
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| Polished imports: volume |
5.6 million carats |
6% |
| Average price of polished imports |
$2,270/carat |
31% |
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. (Shutterstock)
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Tags:
exports, imports, Joshua Freedman, net diamond account, net polished imports, Net rough imports, polished exports, polished imports, rough exports, rough imports, US
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