U.S. Rough Diamond Imports Double as Average Price Dips

Rough diamond imports to the United States doubled in July as the average per carat price dropped 47.5 percent to $1,741.43 p/c from a peak reached in June. The average price in June had soared 479 percent year-over-year to $3,318.32 p/c.

The volume of U.S. rough imports doubled to 55,750 carats after plunging to 28,295 carats in June, data from the U.S. International Trade Commission showed.

In terms of dollar value, imports continued to hover above expenditure in 2007, illustrating amongst others the increase in per carat price globally. The U.S. spent $97.10 million on rough imports in July, representing a 3.4 percent rise from June, and a 41.6 percent rise from the previous year.

U.S. rough diamond exports doubled from the previous month to stand at $40.95 million. In terms of volume, however, U.S. exports dropped 61 percent to 64,255 carats of rough diamonds from June.

Net trade in July saw an outflow of 109,166 carats at $75.66 million, averaging $693 p/c.

During the first seven months of 2008, the U.S. imported 448,009 carats of rough diamonds with a stated value of $545.4 million, at an average of $1,217 p/c.