News

Advanced Search

Global Weakness Hits Antwerp Diamond Trade

Feb 1, 2017 7:35 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Belgium’s polished diamond trade slumped last year due to an economic slowdown in India and China, the Antwerp World Diamond Centre (AWDC) reported.

Polished exports slid 10 percent to $11.8 billion, while imports fell by the same margin to $11.39 billion, the AWDC said. Net polished exports, representing exports minus imports, climbed 2.7 percent to $410.8 million.

By volume, polished exports dropped 9 percent to 5.4 million carats, with the average price slipping 1 percent to $2,175 per carat. Polished exports to Hong Kong dived 11.5 percent amid weaker consumer sentiment in Greater China.

“India’s demonetization in early November had an immediate impact on trade with India, but slow economic growth in the BRIC countries is at the heart of this issue,” the AWDC said, referring to Brazil, Russia, India and China. The drop was consistent with the overall global downward trend in the polished sector, the organization argued.

While emerging markets were a major reason for the decline, polished exports to the U.S., Belgium’s largest polished trade partner, slumped 11 percent. Shipments to Israel fell 2.6 percent and orders from the United Arab Emirates dropped 8 percent.

Rough Better

Belgium’s rough trade performed better than its polished counterpart, reflecting a buoyant market which recovered from a slump in 2015. Rough imports grew 8.6 percent to $12.09 billion last year, while exports jumped 11 percent to $12.73 billion, AWDC data showed.

Net rough imports, representing imports minus exports, were negative $638.7 million versus negative $371.9 million the previous year as a greater value of diamonds left the country than entered it. The net diamond account widened 32 percent to $1.05 billion.

Rough trading is looking positive with the number of rough-diamond tenders taking place in Antwerp increasing, the body added.

All sales from the recently launched Renard and Gahcho Kué mines in Canada and the Liqhobong mine in Lesotho will take place in Antwerp, bringing another 7 million carats to the Belgian market this year, explained Ari Epstein, chief executive officer of the AWDC.
Tags: Antwerp World Diamond Centre, Ari Epstein, AWDC, Belgium, brazil, BRIC, Canada, China, Gahcho Kué, Greater China, Hong Kong, imports and exports, India, Israel, Liqhobong, mines, Rapaport News, renard, Russia, trade data, United Arab Emirates
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
Jul 19, 2018
Slow trading, with dealers in summer vacation mode. Bargain-hunters asking for higher discounts during quiet
Plump ClubPlumb Club Names New President
Jul 18, 2018
The Plumb Club, an alliance of suppliers to the jewelry, diamond and watch industries, has elected Michael
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.