U.S. Polished Diamond Imports Halved in Q1

Gross U.S. polished diamond imports in March sank 52.8 percent year-over-year, totaling $837.18 million on imports of 753,983 carats of goods. In volume, imports declined 37.3 percent from March 2008. Net U.S. imports stood at $109.78 million for the month.

Net polished diamond trade continued the curious trend of exports exceeding imports in terms of volume, while imports exceeded exports in terms of value. This trend has not changed since July 2008.

An examination of average values may provide an explanation to this trend. The average value of gross imports was a high $1,110.34 per carat while the average value of exports stood at just $384.53 p/c. This means that the lower cost goods are exported - or rather retuned - to the manufacturing and trading centers: Israel, Belgium, Hong Kong, Switzerland and India.

Israel supplied the U.S. with $393.13 million worth of goods carrying an average value of $2,459.60 p/c. Belgium shipped $155.78 million averaging $2,513.42 p/c and India, the third leading supplier, was source of $203.14 million in goods averaging $437.12 p/c.

In the first quarter of the year, the U.S. imported $2.366 billion worth of goods, compared to $4.915 billion imported in the first quarter of 2008, a 52 percent decline. Net imports totaled $371.44 million in the quarter.