Hong Kong Diamond Trade Steady in 1H
Hong Kong’s polished-diamond imports increased 1% year on year to $7.26 billion in the first half of 2022, according to the Diamond Federation of Hong Kong, China. The average price of shipments rose 11%, offsetting a 9% drop in volume.
Hong Kong Trade Data for January to June 2022
|1H 2022||Year-on-year change|
|Net polished imports||$902M||21%|
|Net rough imports||-$68M||Deficit decreased 24%|
|Net diamond account||$835M||27%|
|Polished imports: volume||7.5 million carats||-9%|
|Average price of polished imports||$974/carat||11%|
Source: Diamond Federation of Hong Kong, China; Rapaport archives.
About the data: As an important consumer market and gateway to China, Hong Kong is a net importer of polished diamonds. As such, net polished imports — representing polished imports minus polished exports — will usually be a positive number. Net rough imports — calculated as rough imports minus rough exports — will also generally be in surplus. Hong Kong has no operational diamond mines but has a manufacturing sector, so it should normally ship more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is Hong Kong’s diamond trade balance, and shows the added value the city creates by importing — and ultimately consuming — diamonds.
Image: The Hong Kong skyline. (Shutterstock)