Belgium Polished Diamond Exports Decline in November

Belgium's trade with the U.S. declined in November

Still not bouncing back from the global recession, Belgium’s polished diamond exports in November are still below last year’s levels. The trading center exported 583,333 carats worth $739.4 million, an 8 percent decline in volume and a 22 percent decline in value compared to November 2008.

Compared to this past October, polished diamond exports declined 5.9 percent and 9.6 percent, respectively.

The average value of exports declined 15.2 percent to $1,267.48 per carat.

It would seem that exports to the U.S., the leading exports destination, were the main cause for declines, falling 14 percent to $218.8 million. Exports to Hong Kong grew 5.9 percent to $123.7 million, while exports to Israel plunged 27.5 percent to $81.9 million.

The big change in exports was to India, growing 78.1 percent to $60.7 million.

Imports were in line with exports, declining in volume 0.8 percent to 588,465 carats and 20.3 percent in value to $701.7 million. Month-over-month, imports declined 8.2 percent in volume and 7.3 percent in value.

The average value of imports, $1,192.34 p/c, gave exporters a 6.3 percent average gross margin.

The leading polished diamond suppliers were the U.S., falling 22.1 percent to $191.7 million; India, rising 66.7 percent to $110.4 million; and Israel, which supplied $75.9 million worth of goods, a 34.4 percent decline compared to November 2008.

While the November figures look weak, they are an improvement compared to earlier months. To date, exports are 32.6 percent less than in the first 11 months of 2008, totaling $7.85 billion. Imports in the January-November period tumbled 36.2 percent to $7.31 billion.