Signs of Revival in Belgium’s Polished Diamond Exports

Belgium exported $755.47 million worth of polished diamonds in June, a 35 percent decline from the $1.16 billion in polished exported in June 2008. In the first half of 2009, Belgium exported $4.05 billion worth of polished, falling 38 percent from the year before.

While year-over-year comparisons are a standard form of measuring cyclical economic performance, highlights the well known fact that this year is not as good as last year, a month over month comparison indicates that certain revival in polished diamond trade.

Exports have grown steadily since April, rising from about $600 million to $662 million in May, to June’s $755.5 million.

In terms of average value per carat, a steady increase is evident too, rising from $1,041 p/c in April, to $1,100 p/c in May and $1,456 last month.

But we need to be cautious with our optimism. Polished diamond imports of $757.4 million is a jump from the $507 million imported in May, but there is no clear trend here. Moreover, imports exceeded exports by nearly $2 million.

Hong Kong was Belgium’s leading polished diamond export destination, shipping $220.9 million worth of goods at an average value of $1,421 p/c. Hong Kong proved to be an important anchor for Belgium’s exports during the current economic crisis, taking in nearly 21 percent share of Belgium’s exports.

Exports to the U.S. fell 39.3 percent to $187.34 million at an average of $2,237.57 p/c. Israel, the third leading destination in June, took in $77.5 million at an average value of $1,609.69 p/c.