Hong Kong’s polished diamond trading rose in the first quarter as the municipality imported more stones and at a higher average price.
Inbound polished shipments jumped 11% to $4.71 billion during the three months that ended March 31, according to data recently published by the Diamond Federation of Hong Kong, China. By weight, polished imports increased 3.4% to 5 million carats, with the average price rising 8% to $949 per carat.
The diamond trade brings large volumes of goods to Hong Kong during the first quarter as dealers attend the Hong Kong Diamond, Gem & Pearl Show in March. Hong Kong's imports from India, the world's largest supplier of polished diamonds, leapt 20% to $2.26 billion, according to Rapaport calculations.
Meanwhile, polished exports increased 6% to $3.39 billion during the period, leaving net polished imports 29% higher at $1.31 billion.
Rough imports fell 10% to $336 million, while rough exports grew 6% to $491 million, leaving net rough imports at negative $155 million versus negative $91 million a year ago.
Hong Kong’s net diamond account, calculated as total rough and polished imports minus total exports, increased 25% to $1.16 billion.