Japan's Diamond Imports Make Double Digit Surge in 2011

(IDEX Online News) – It was a challenging year for the people and economy of Japan, but it did not block interest in diamond jewelry. Polished diamond imports in 2011 made a 22.3 percent leap in actual exchange rates.

Japan's diamond buyers took a turn for higher value goods after the country was hit with a triple disaster in March – an earthquake followed by a tsunami and the resulting nuclear scare at Fukushima.

Following the events in March, the average value of imports increased, as has the total value of imports.

Imports averaged $400.52 per carat in 2011, 40.4 percent above the average import value in 2010 and clearly outpacing the average annual increase in diamonds of 17 percent.

Japan imported $848.3 million worth of diamonds in 2011, based on data compiled by Momozawa & Co., Inc.

At constant exchange rates, 2011 imports totaled $813.6 million, a 17.3 percent increase. They averaged $478.49 p/c in constant exchange rates.

In December, imports of 138,881 carats worth $66.5 million are a 26.4 percent decline in volume and 27.9 percent increase in value.