Rate of Decline Shrinks for Japan’s November Polished Diamond Imports

Japan’s polished diamond imports continued to hover below last year’s import figures this past November, though it inched closer to last year’s levels in November. While the value of monthly imports have generally been at least 20 percent lesser than the corresponding months in 2008, imports of $52.4 million in November were just 5.7 percent lower than in November 2008.

Further, the volume of imports in November, 168,585 carats, was a 38.4 percent year-over-year increase. The average value of imports stood at $310.84 per carat, a sharp 31.8 percent decline, according to data released by The J Club, Inc.

Compared to October, when imports rose ahead of the holiday season, imports fell considerably - 21 percent in value and 17.8 percent in volume.

In the first eleven months of the year, Japan imported 2 million carats worth $575.86 million, averaging $287.61 p/c. Compared to 2008, the value of imports declined 20.7 percent and 5.5 percent by volume.

With just one more month of trading left, 2009 was a weak year for diamond jewelry in Japan. On top of Japan’s ongoing economic woes and the tough global economic climate in the past year, Japanese consumers seemed to have lost their interest in diamonds.

Jewelry sales at Japan’s department stores declined by 8.3 percent this year to $77.4 billion, falling for the first time below 7 trillion yen.

Source: The J Club, Inc. Japan