U.S. Imports Record $2.5 Billion of Polished in May

(IDEX Online News) – The U.S. imported $2.52 billion worth of polished diamonds in May, a record high level of monthly polished imports for the country. The imports, shooting up by 56% year over year, highlight growing retail demand.

The volume of May's gross imports, 1,475,140 carats, is a sharp 29.1% increase in imports, based on data compiled from the U.S. Department of Commerce and the U.S. International Trade Commission.

The average value of imports stands at $1,707.10 p/c.

Polished exports are inline with trade so far this year, 1,034,720 carats worth $1.36 billion averaging $1,310.34 p/c. Compared to May 2010, imports declined by 47.9% in volume and grew by 37.6% by value.

Net imports were therefore $1.16 billion, soaring 84.9% compared to May 2010.

The volume of net imports stood at 440,420 carats worth $396.76 p/c. The positive level of net imports by volume overturns the common trend of exports exceeding imports.

There are two possible explanations for the growth in imports. High expectations ahead of the JCK Las Vegas trade show (which opened on June 1) leading to large diamond shipments ahead of the show. Another explanation is a real increase in U.S. retail demand for polished diamonds.

According to leading diamond shipment companies, there was no significant change in diamond deliveries to the Las Vegas fair, confirming earlier indications of improving retail demand. Anecdotal data IDEX Online has obtained further backs this.

Source: US Dept. of Comm.& ITC