U.S. Polished Diamond Imports Slashed by Half

The U.S. started the year slow, slashing imports of polished diamonds by nearly half. The weak U.S. import level is hurting diamond centers around the world and causing the entire pipeline to slow down. January imports totaled $754.89 million, falling 49.5 percent compared to January 2008.

By volume, the U.S. imported 666,750 carats, a 41 percent year-over-year decline.

The average value of imports declined by 14.4 percent to $1,132.19 per carat (p/c), shaving $190 off the average price paid for the goods. The shrinking value of imports reflect not only a decline in interest and weak demand on the retailing level, but also the softening in polished diamond prices.

Polished diamond exports in January were $598 million on shipments of 1.596 million carats, falling 45.4 percent in value and 46.2 percent in volume. The average value of exports declined slightly to $369.70 p/c.

Net polished diamond imports in the month were $156.93 million, with the volume of exports exceeding imports resulting in a net decline of 928,908 carats.