Japan’s Polished Diamond Imports Keep Increasing

(IDEX Online News) - Japan’s polished diamond imports are continuing their positive trend, growing 11.9 percent year-over-year to $74.4 million in October. Compared to October 2008, these imports are just shy of a 1 percent decline, based on figures published by Momozawa & Co., Inc.

For the past nine months, Japan’s polished diamond imports have been growing, reversing the trend of continues monthly declines. The good news should be taken with caution, considering that 2009 was a relatively weak year.

Japan imported 275,867 carats of polished diamonds in October, a 34.6 percent increase. The average value of imports was a low $269.12 p/c. While the average value of imports fluctuates monthly, the average annual value clearly shows a decline. In 2007, imports averaged $395.94 p/c, in 2008 $342.99 p/c, in 2009 the average value dropped below $300 to $285.80 p/c. In the first 10 months of 2010, imports averaged $284.35 p/c.

India, Japan’s leading diamond supplier by value and volume, shipped to the country 217,437 carats of polished worth $35.7 million. Belgium was source of $13.6 million in goods averaging $1,604 p/c and Hong Kong supplied Japan with $9.3 million worth of polished averaging $277 p/c.

In the first ten months of 2010, Japan imported $583.8 million worth of polished diamonds, an 11.5 percent increase compared to January-October 2009 but a 13 percent decline compared to 2008.