Japan’s Diamond Imports Continue Slow Slide

Japan’s polished diamond imports declined in May, bucking the trend of increasing imports in May compared to April. The country imported $47.4 million worth of polished diamonds in May, mostly lower cost goods from India.

Compared to May 2009, imports increased in value just 3.3 percent but declined 10.9 percent compared to April of this year, based on figures published by Momozawa & Co., Inc.

By volume, imports of 168,526 carats declined 8.6 percent year-over-year and 5.8 percent month-over-month. The average value of imports in May stood at $281 per carat.

India, Japan’s leading polished diamond supplier, was source of 123,833 carats worth $18.4 million, a 10.7 percent decline in volume but a 5.8 percent increase in value. The average value of the Indian goods was $149 p/c.

Belgium and Israel are also large suppliers to the Japanese market. Belgium shipped $9.4 million in goods at an average value of $1,120 p/c, while Israel was source of $5.1 million in diamonds averaging $967 p/c.

China, which was a leading supplier only a year ago, saw its exports to Japan drop 43.2 percent to $1.2 million.