U.S. Polished Diamonds Exports Exceed Imports in February

The U.S. imported 1,178,120 carats of polished diamonds in February, a 21.35 percent year-over-year decline. However, it exported more then double that – 3,108,533 carats, for a net negative trade of 1,930,413 carats.

The trade deficit could be a result of low retail sales in the U.S., resulting in many retailers and traders returning goods to polished wholesalers abroad. Another cause, also resulting from the low sales, is that goods are sold in New York at reduced prices by wholesalers. Many buyers in Israel and Antwerp say that New York is currently the cheapest source of low-cost goods.

The leading destinations of these exports, according to U.S. government trade data, were Israel, Belgium, Hong Kong and India – all diamond trading centers. The fact that most of the goods were shipped to these countries seems to back these assertions.

The total value of U.S. exports was $1.22 billion, a 60.69 percent year-over-year increase, with an average value of $392 per carat.

Gross U.S. imports of polished diamonds in February totaled $1.645 billion, on imports of 1.18 million carats, averaging $1,397 per carat.

These figures represent a 25.15 percent rise in the value of gross imports and a 59.12 percent rise in the average value.