U.S. Net Rough Diamond Imports Shoot Up 284% in H1

U.S. net imports of rough diamonds continued to climb by value in June, totaling $20.5 million. The U.S. still has a greater outflow of diamonds by volume, with a net decline of 12,910 carats during the month.

Gross rough diamond imports of 82,592 carats worth $44.3 million were a 76.1 percent decline in volume and a 6.7 percent decline in value compared to June 2009.

The average value of $536.65 per carat is a low one for U.S. imports, which usually averages closer to $1,000 p/c and often as high as $3,500 p/c.

Exports of 95,502 carats worth $23.9 million fell 77.5 percent and 44 percent respectively. They averaged only $249.97 p/c.

The continued trend of high average value imports and low average value exports partially explains the dichotomic behavior.

In the first half of the year, the U.S. imported a net of $121.3 million worth of rough diamonds. By volume, the U.S. had net exports of 206,959 carats, as the U.S. exported by volume more than it imported throughout the year.

Measured by value, year-over-year, the U.S. quadrupled its net imports.

In terms of volume, the U.S., which does not have any diamond mines, somehow succeeded in having a net export of 320,200 carats in the last 18 months.