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US Diamond Imports See Positive Momentum

Sep 20, 2022 9:34 AM   By Avi Krawitz
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Imports of polished diamonds into the United States rose 9% year on year to $1.89 billion in July, continuing the momentum experienced in the first half, according to data from the country’s Department of Commerce. The volume of shipments fell 17%, signaling a shift to larger and better-quality goods; the average price of imports increased 33% to $2,144 per carat.

US Trade Data for July 2022

  July 2022 Year-on-year change
     
Polished imports $1.89B 9%
Polished exports $1.27B 10%
Net polished imports $620M 9%
Rough imports $39M -64%
Rough exports $12M -81%
Net rough imports $27M -39%
Net diamond account $647M 5%
     
Polished imports: volume 882,430 carats -17%
Average price of polished imports $2,144/carat 33%
     
  January-July 2022 Year-on-year change
     
Polished imports $14.68B 34%
Polished exports $10.78B 34%
Net polished imports $3.9B 33%
Rough imports $178M -33%
Rough exports $176M -14%
Net rough imports $2M -97%
Net diamond account $3.91B 30%
     
Polished imports: volume 6.5 million carats 2%
Average price of polished imports $2,253/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: Jewelry on display in the New York diamond district. (Shutterstock)
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Tags: Avi Krawitz, Commerce Department, diamonds, Jewelry, United States
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