RAPAPORT… US polished-diamond imports continued to rise in July, reflecting a higher average price, according to recent government data. Inbound shipments increased 5% to $2.03 billion, the highest figure for July since 2015, even as volumes slipped. Polished imports were up 5% in the first half of 2018, and were 5% higher for the January-to-July period.
US Diamond Trade Data for July 2018
|Millions unless stated otherwise||July 2018||Year-on-year change|
|Net polished imports||$626||-20%|
|Net rough imports||$4||3%|
|Net diamond account||$629||-19%|
|Polished imports: volume||777,092 carats||-2%|
|Average price of polished imports||$2,614/carat||7%|
|Jan-July 2018||Year-on-year change|
|Net polished imports||$2,230||-6%|
|Net rough imports||$62||-48%|
|Net diamond account||$2,292||-8%|
Source: US Census Bureau; 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 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: 47th Street, New York. (Tupungato/Shutterstock)
This post was written by stettnerinvadmi