U.S. Rough Diamond Imports Continue to Decline

Imports of rough diamonds to the U.S. declined in August for the second consecutive month after hitting an annual high in June. 212,682 carats worth $43.35 million of rough diamonds were imported, with a declining average price per carat of $204. This translates into a 35.04 percent decline in value and a 68.25 percent decline in average price per carat (p/c).

The single most influential number affecting the monthly figures is rough trade with Russia. In June 2,945 carats worth $9,996,540 were imported. In July imports leaped to 114,505 carats worth only $758,972 - $6.63 p/c. This repeated itself in August: 148,122 carats valued at $927,552, an average of $6.26 p/c, were imported.

Is this the true value of these goods? It will seem that this is not so for gem quality diamonds shipped to the U.S. where polishing costs are to high to manufacture profitably. Two other options are that these are mislabeled industrial goods or that they are greatly undervalued.

Regardless of Russia, South Africa continues to be a leading supplier of rough diamonds to the U.S., supplying $ 26.955 million worth of goods in August, with an average value of $1,204.71 p/c.

Far behind South Africa, Botswana was the second largest supplier by value, shipping $5 million worth of goods averaging $371.96 p/c.