Industry News by Nemesis

Hong Kong Diamond Trade Advances in 1Q

May 8, 2017

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. 

 

Source: Rapaport

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