U.S. Net Rough Diamond Imports $361.8 Million in 2008

While U.S. rough diamond trade plunged 73.7 percent in December, annual trade actually increased 25.1 percent to $1.141 billon from $912 million in 2007. Net trade in December was a mere $11.9 million.

Some 725,423 carats with a declared value of $751.55 million were imported into the U.S. in 2008, according to figures released by the International Trade Commission. Imports averaged $1,036 per carat.

South Africa was the leading source by value ($295.98 million) and Israel was the leading source by volume (120,034 carats).

Rough diamond exports of 1.98 million carats worth $389.73 million meant that despite the increase in the value of trade, by volume the U.S. exported more goods than it imported, shipping out low cost goods worth an average of $197 p/c.

Net December trade shows that in volume, exports exceeded imports by 84.1 percent. U.S. traders imported 70,031 carats with a stated value of $29.19 million, an average of $416.83 per carat, far below the annual average, reflecting the falling prices of rough diamonds at the end of the year.

Practically all of these goods imported in December, $22.67 million, were imported from Africa, and more than half of them, $15.56 million, arrived from Angola. South Africa and Lesotho were the other two African exporting countries.

Exports in December totaled $17.29 million, averaging only $121.38 p/c, indicating that traders wished to keep the higher value stones and “moved” the cheaper goods. By value, most of the goods ($10.2 million) were shipped to Belgium, while by volume, most goods (averaging less than $13 p/c) went to Dubai.