Japan’s Polished Imports Decline in March, Yet Average Value Up 41.3%

While imports declined, the average value of the imported goods jumped to $402.02 p/c, rising 14.2% year-over-year and leaping 41.3% compared to February.

On March 11, a 9.0-magnitude earthquake hit the eastern coast of Japan, throwing the country into economic and emotional disarray. The decline in imports, coupled with the seasonal trend, is therefore not surprising. The rise in the average value may represent an anomaly. Further perspective, and data, is needed to evaluate this.

India supplied Japan with almost half (44.2%) of the March goods, some $27 million worth of diamonds averaging $257 p/c. Imports from Belgium fell 20.5% to $10.3 million averaging $1,154 p/c. Hong Kong, the third largest source of polished diamonds, shipped to Japan $10.2 million in goods.

In the first quarter of 2011, Japan’s gross polished diamond imports totaled $183.6 million, increasing by 5.5% compared to 2010.