8% Drop in U.S. Polished Diamond Imports

(IDEX Online News) – U.S. diamond traders and buyers imported less diamonds in February and increased their exports during the month. At the same time, the focus is shifting to higher value goods.  

The U.S. imported $1.5 billion worth of polished diamonds in February, declining 7.9 percent year-over-year and 1.3 percent compared to January, based on figures published by the Department of Commerce. .

The U.S. economy is making hesitant steps forward, and diamond jewelry purchases are reflecting that uncertainty.

By volume, gross imports of 865,992 carats fell 18.2 percent compared to February 2011 and 18.7 percent compared to January.

While imports are declining, the average value is increasing, up 12.5 percent from last year to $1,726.92 per carat. Compared to January, the average value increased 21.3.

The monthly increase does not reflect changes in global prices as it reflects a change in consumer taste and possibly a greater focus on higher-end costumers.

U.S. diamond traders not only brought in less polished, they shipped out more in February.

The U.S. exported 1,412,669 carats worth $1.59 billion. This is a 5.3 percent and 17.0 percent increase (respectively) from February 2011.

Compared to January, the increase is even sharper, 35.0 percent and 71.4 percent respectively.

The Average value of exports is $1,123.72 p/c.

According to the figures, exports in February exceeded imports by nearly $92 million.