U.S. Polished Diamond Imports Fall 37% in November

November was a tough month for the U.S. polished diamond market. Imports sagged, exports leaped and retail sales were hurting. The U.S. imported 665,361 carats of polished diamonds worth $1.09 billion, a 44.8 percent year-over-year decline in volume and 36.8 percent decline in value.

Despite recent dismal figures, the US increased polished diamond imports by 53%

But while traders decreased purchases, they continued the trend of raising the average value of imports. In November, imported goods averaged $1,634.71 per carat, rising 36.5 percent year-over-year, as traders continued to aim for higher income bracket consumers.

As opposed to imports, exports leaped. Exports of nearly two million carats worth $974.6 million resulted in net imports of only $113 million. By volume, the U.S. registered a negative trade, exporting triple the volume that was imported.

The average value of gross exports in November stood at $564.73 p/c, about a third of imports, underscoring the focus on higher value goods.

Not all is gloomy. In the first 11 months of 2008, the U.S. increased imports by 53 percent to $18 billion, bringing in 12.3 million carats at an average value of $1,463.64 p/c. Net imports rose to $8.38 billion in the 11 month period.