2008 U.S. Polished Diamond Imports +5% to $19 Billion

U.S. December imports fell 25.2 percent to $966.7 million, bringing in just 602,047 carats at a high average value of $1,605.61 per carat. Exports of $805.1 million of polished diamonds left in the U.S. a net of $161.5 million worth of polished goods, a 43.2 percent decline in net imports.

On an annual basis, the U.S. imported $18.99 billion worth of polished diamonds in 2008, a 4.8 percent increase over 2007 despite a clear decline in imports since September when the economic crisis started. In terms of volume, annual imports tumbled 23.9 percent to 12,916,153 carats, bringing average imports to $1,470 p/c.

In value, exports were about half (50.8%) the value of imports, but the interesting figure is the volume of annual exports, 21.17 million carats, which exceeds imports by 64 percent, resulting in a negative net trade.

Exports of nearly 2 million carats in December were more than triple the volume of imports.

It will seem that local traders had large stocks of low value goods that were exported during the year. Most of these goods, 15.47 million carats, were shipped to Israel and Belgium.

Israel was the leading supplier of polished diamonds to the U.S., shipping 2.7 million carats worth $9.38 billion and averaging $3,449 p/c. However, 12.6 million carats were shipped to Israel during the year, leaving a negative net trade of 9.9 million carts.

India was the second leading supplier, shipping a net of 4.27 million carats worth $2.19 billion, an average $512.73 p/c.

Belgium followed with a net supply of $760 million on a negative volume trade of 5.6 million carats.