Japan 2008 Polished Diamond Imports Fall 12.3%

Japan’s imports of polished diamonds continued its monthly decline, falling an additional 13.9 percent in December to $44.25 million. In volume, imports declined 15.6 percent to 129,112 carats, resulting in an average value of $342.71 per carat, according to data released by The J Club, Inc. Japan.

Belgium, India and Israel were Japan’s biggest suppliers, shipping $16 million, $13.7 million and $4.5 million respectively. In volume, the leading suppliers were India (91,289 carats), Hong Kong (14,981 carats) and Belgium (14,142).

In 2008, Japan’s imports of polished diamonds declined 12.5 percent to $770.79 million, bringing in 2,247,453 carats (-2.2%).

The sharp decline in polished imports means that some $7 million were lost year-over-year.

The decline in trade with Japan underscores the country’s continues economic woes, which is currently under the further burden of the global economic decline. In diamond jewelry, the fall of retailer Miki Corp, with yet unknown debt to diamond traders in most of the centers, was no doubt an especially sour episode.

With Japan’s biggest diamond jewelry retailer now out of business, the country’s polished and rough diamond imports will likely further decline in 2009. Miki’s demise also means less advertising, which benefits the entire segment.

Gold jewelry imports, however, did well. Annual imports totaled $831.74 million, a modest year-over-year rise of 3.9 percent. Platinum jewelry imports rose 9.4 percent to $454.81 million.