50% Drop in U.S. Polished Diamond Trade in February

The sharp decline in polished diamond trading seen in January has continued in February, according to U.S. Customs data. The U.S. imported 644,721 carats worth $774 million, an average value of $1,200.57 per carat. These import figures represent a 45.6 percent drop in volume and 53 percent in value compared to February 2008. The average value of imports declined 13.6 percent.

The U.S. continued to export polished goods, but these exports were slashed by half as well. Exports of 1,595,658 carats worth $597.96 million were a respective 46.2 percent and 45.4 percent year-over-year decline. The exports carried a comparatively lower average value of $374.74 p/c.

Net trade (gross imports less gross exports) totaled $104.73 million, with the net volume of trade decreasing by 921,478 carats.

Israel was the leading supplier of polished diamonds, shipping a net of $119.6 million worth of diamonds, followed by India ($106.4 million), Belgium ($74.1 million) and South Africa ($65.2 million).