Average Value of Japan's Polished Diamond Imports Plunges in October

(IDEX Online News) – Japan's polished diamond imports increased in October, however the average value of these imports plunged by about a quarter, their lowest since February 2011.

Japan imported $94.7 million worth of polished diamonds in October, increasing 3.3 percent year-over-year, according to Momozawa & Co., Inc. Compared to September, imports jumped 18.2 percent.

The volume of imports registered a sharp rise, increasing 37.3 percent year-over-year to 279,895 carats. Month-over-month, imports increased 62.4 percent.

The average value of imports displayed a negative trend, declining 24.7 percent compared to October 2011 and 27.2 percent compared to September of this year to $338.41 per carat (p/c). The sharp decline in price can be partially explained by lower polished diamond wholesale prices in the global markets.

However, prices have not declined so much overall. It's possible that contrary to the trend seen earlier in the year of importing higher value goods in smaller quantities, that Japanese retailers were after lower cost goods ahead of the holiday season.

In the first 10 months of 2012, Japan imported 1.7 million carats worth $766.5 million averaging $448.57 p/c. Compared to the first ten months of 2011; this is a 2.7 percent decrease in volume, an 11.9 percent increase in value and a 15.0 percent increase in average price.

Source: Momozawa & Co., Inc