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U.S. polished diamond imports slide

U.S. polished diamond imports slide

WASHINGTON: The United States’ polished diamond imports slumped 20 percent in July to the lowest level for the month since 2012. Imports fell to $1.76 billion, according to the latest government figures. Polished inbound shipments by weight dropped 13 percent to 803,712 carats, while the average price slid 8 percent to $2,185 per carat. Polished exports slipped 1.5 percent to $1.38 billion, driving down net imports 52 percent to $372 million.

Rough diamond imports jumped 79 percent to $59 million, while rough exports grew to $24 million from $9 million a year ago. Net rough imports rose 50 percent to $36 million. The net diamond account, reflecting the difference between net imports and exports, dived 49 percent to $407 million. During the first seven months of the year, polished imports declined 3 percent to $13.96 billion and polished exports fell 2 percent to $11.37 billion, resulting in net polished imports declining 10 percent to $2.59 billion.