U.S. Polished Diamond Imports Hit Three-Year Low
Author:bea Date:2/12/2009 2:07:49 AM Read:2533
U.S. polished diamond imports hit a three-year low in November 2008, dropping 37 percent to $1.1 billion and decreasing 45 percent by volume to a record low of 665,361 carats. The price per carat for polished imports, however, rose 15 percent compared with November 2007 to $1,635 a carat.
Polished exports fell 17 percent to $975 million in November and the countrys net polished imports — the extent to which imports exceeded exports — dropped 79 percent to $113 million. Data on the U.S., the largest economy in the world and the biggest market for diamonds, highlighted the impact that weak demand at the counter has had on major manufacturing centers in Israel, Belgium and India since the recession took hold. U.S. polished imports from Israel decreased 42 percent to $543.6 million in November. The decline in U.S. trade in rough diamonds was even more dramatic. Rough imports fell 82 percent to $13 million, the lowest they have been since tracking began.