Japan’s Polished Diamond Imports Continue to Shrink

Imports of polished diamonds to Japan continued to decline in value and volume in March, a trend that started several months ago. The country imported 193,765 carats worth $86.61 million, a decline of 15.3 percent and 6.3 percent respectively.

The average value of imported diamonds stood at $446.99 p/c (per carat), rising 10.6 percent from $404.17 in March 2006. This reflects a real increase in value, outpacing the weakening of the U.S. dollar against the Japanese Yen.

India was the largest source of goods by volume and value, shipping to Japan 125,341 carats worth $33.67 million, an average of $268.60 p/c. By value, shipments declined 18.8 percent by value.

Imports from Belgium declined 31.7 percent in value. It was the source of 14,479 carats worth $14.56 million, $1,005.53 p/c. Israel was the third largest supplier in March, shipping 11,047 carats with a value of $12.688 million, an average of $1,148.55. Bucking the trend, imports from Israel increased in value by 17.5 percent compared to March 2006.

Large gains were noted from Hong Kong, source of 30,831 carats worth $11.937 million, a 138.6 percent increase in volume and 99.3 percent in value.

Still a relatively small source of diamonds, imports from China are increasing sharply, nearly tripling (289.3%) in value during the month to $2.176 million. Japan imported 2,655 carats from China, a 91.4 percent increase for an average value of $820 p/c.