U.S. Polished Diamond Trade: Keeping the Expensive Goods

The U.S. imported a net of $524.26 million worth of polished diamonds in March. Gross imports grew 16.86 percent in value to $1.774 billion, while declining 31.43 percent in volume to 1,202,929 carats. The average value of gross imports soared 70.44 percent to $1,475 per carat.

Exports totaled $1.25 billion, shooting up 154.78 percent year-over-year. In terms of volume, the U.S. exported 3,048,501 carats, nearly double the exports a year ago. The average of $410.08 per carat indicates that lower value goods did not do well, while an appetite for high value goods exists.

Also, net trade in volume was negative, totaling 1,845,572 carats.

Israel was the leading supplier of goods by value, shipping a net of $350.7 million worth of goods. India, the leading source by volume, shipped a net of 409,316 carat.

It is interesting to note that while Israel and Belgium had a positive trade in value (Belgium was source of a net of $18.63 million of polished diamonds), both had a negative trade in terms of volume, taking in from the U.S. then they shipped to it in March: Israel had a net volume trade of -1,057,328 carats and Belgium -563,537 carats.

In the first quarter of the year, the U.S. imported $4.91 billion of polished diamonds weighing 3.518 million carats, a 24.41 percent increase in value and 24.35 percent decrease in volume compared to the first quarter of 2007.