US Polished Imports Continue Growth
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|
|Net polished imports||$319M||-3%|
|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|
|Net polished imports||$4.45B||16%|
|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)