Value of U.S. Polished Imports $1.9 Billion in June
August 14, 11 by Edahn Golan
(IDEX Online News) – After peaking in May, gross polished diamond imports by the U.S. in June returned to the same levels seen earlier in the Year. Gross polished diamond imports of $1.9 billion are a 6.9% year-over-year increase, based on U.S. Department of Commerce figures.
The May spike possibly reflects the high expectations from the JCK show that opened in the beginning in June. If that is so, that will explain why exports in June were so high that the U.S. net account was negative. A large quantity of polished was imported into the U.S. in May ahead of the show and large quantities of goods were returned after the show ended.
The volume of imports in June was 1.1 million carats, at an average value of $1,714.72 p/c.
Israel was the leading source by value, $850.9 million and India the leading source by volume, 727,693 carats.
The U.S. exported 2.2 million carats worth $2.38 billion, double the imports by weight and 25.4 percent more by value. Israel and Hong Kong were the leading destinations of exports by value and volume, respectively.
What is surprising about the polished imported in June and May is that their average value is lower than imports just before the crash in 2008, nearly 5 percent less, even tough diamond prices have regained their losses and have suppressed many months ago.