Post Tsunami, Japan’s Diamond Imports Keeps Growing

(IDEX Online News) – Japan dispelled fears among many diamond traders that after the earthquake and following tsunami that hit the country on March 11, it will lose its taste for diamonds. In April, Japan imported $95.7 million worth of polished diamonds, increasing by 80.1% year over year, and by 56.8% from March.

The increase in imports proved once again, as predicted, that when a country is hard hit, it express its feelings more openly, often with diamonds. This was the case in after the September 11 terrorist attacks, and again in the recent sub-prime economic crisis.

In terms of volume, imports increased by 39.8% from April 2010 to 249,994 carats. Month over month, imports grew by 64.7%, according to figures released Monday by Momozawa & Co., Inc.

The average value of the country’s imports, $382.83 p/c, gained 28.9% from last year.

India is Japan’s leading polished diamond supplier, source of 179,828 carats worth $39.1 million, a 7.5% decline from last year. Belgium was source of diamonds worth $22.2 million, a 9.7% decline. Imports from Israel increased by 7% to $16.7 million.

In the first four months of 2011, Japan imported $279.3 million in polished diamonds, growing 23% from last year.