US polished-diamond imports rose for the 19th consecutive month, increasing 18% year on year to $1.68 billion in September, according to recent data from the country’s Department of Commerce. The growth was stronger than August’s 1% gain.

US Trade Data for September 2022

	September 2022	Year-on-year change
Polished imports	$1.68B	18%
Polished exports	$1.36B	24%
Net polished imports	$319M	-3%
Rough imports	$32M	-64%
Rough exports	$39M	294%
Net rough imports	-$6M	2021: Surplus of $80M
Net diamond account	$313M	-24%
Polished imports: volume	804,880 carats	-7%
Average price of polished imports	$2,092/carat	27%
	January-September 2022	Year-on-year change
Polished imports	$18.17B	28%
Polished exports	$13.72B	32%
Net polished imports	$4.45B	16%
Rough imports	$222M	-43%
Rough exports	$252M	-8%
Net rough imports	-$31M	2021: Surplus of $112M
Net diamond account	$4.42B	12%
Polished imports: volume	8.1 million carats	-5%
Average price of polished imports	$2,257/carat	35%

Source: US Commerce Department data; Rapaport archives.

About the data: The US, the world’s largest diamond retail market, is a net importer of polished. 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. The nation has no operational diamond mines but has a manufacturing sector, so it normally ships more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is the US’s diamond trade balance, and shows the added value the nation creates by importing — and ultimately consuming — diamonds.

Image: The New York diamond district. (Shutterstock)