Japan Ends 2010 with a Clear Revival in Polished Diamond Imports

(IDEX Online News) - Japan imported $693.6 million worth of polished diamonds in 2010, rising 12 percent at actual exchange rates or 21.4 percent at constant exchange rates. The clear recovery is taking place following a depressed economic period and a recent rise in GDP.

The country, until recently the second largest global diamond consumer market, imported 2.4 million carats of polished at an average value of $285.28 p/c, according to figures published by Momozawa & Co., Inc.

With imports by volume also increasing 12 percent in 2010, the average value was practically unchanged, declining 0.8 percent from 2009. It will seem that as polished prices regaining at least some of their lost price post the financial crash of 2008, that Japanese retailers preferred to protect price points, and bought lower quality and or lower color goods.

India was Japan’s leading supplier in 2010, shipping 1.8 million carats worth $310.6 million. This is an 8 percent increase by volume and 19 percent by value.

Belgium supplied Japan with $139.6 million of goods and Hong Kong $72.6 million.

The December figures show that Japan imported 188,683 carats of polished worth $52 million at an average value of $$275.39 p/c, increasing 13.5 percent by volume and 18.5 percent by value of December 2009.

If this momentum continues, Japan will complete a recovery in diamond consumption, returning to the high values of 2007 and end a long spell of diminishing imports.

Despite this, Japan is apparently the third leading market as China continues its rise. Analysts expect India to soon ascend to the third biggest diamond consuming market, as diamond jewelry is slowly joining gold jewelry as a common gift.