Japan's Diamond Imports Keep Rising, Up 28% in June

Takyo's popular Shibuya area Photo Guwashi

(IDEX Online News) – Japan is not losing its appetite for diamonds, marking another month of import increases. In June Japan imported $91 million worth of polished diamonds, an impressive 28.3 percent year-over-year increase.

The figure is remarkable considering that polished diamond prices peaked last June and have since then declined.

Underscoring the decline in global diamond prices, the average per carat value of imports, $477.05, are 10.6 percent lower than the average value of goods imported in June 2011, based on figures supplied by Momozawa & Co., Inc.Japan.

Compared to May, Japan's diamond imports jumped 19.6 percent.

In the first half of 2012, Japan imported $440 million worth of polished diamonds. This is a 19.6 percent increase compared to the January-June period of 2011.

For many years, Japan was the second largest global consumer market of diamonds. In the past few years demand for diamond jewelry declined, a trend that ended last year after a major earthquake stuck the country.

India is Japan's leading diamond supplier, shipping 112,884 carats worth $30.7 million in June and 664,735 carats worth $211.6 million in the first six months of 2012.

Belgium, Hong Kong and Israel follow India as leading sources of diamonds.