U.S. Rough Imports Plunge +80% in January, No Sight Goods

U.S. gross rough diamond imports totaled $14.22 million in January 2009. The U.S. imported 10,514 carats with an average value of $1,352.47 p/c. Gross imports declined 81 percent by value and 83.4 by volume. Rough diamond exports exceeded imports.

According to Department of Commerce data, there were no shipments from the UK, indicating that U.S. Sightholders did not purchase any goods at the first Sight of the year. It is, however, possible that U.S. Sightholders asked that their Diamond Trading Company (DTC) goods be shipped to other countries for polishing, though this is not very likely.

The dramatic drop in rough diamond purchases, including the lack of DTC goods, reflects the difficult economic situation U.S. diamond traders are under.

Rough diamond exports fell 68.8 percent to $14.66 million. The volume of rough diamond exports fell 77.4 percent to 38,317 carats averaging $382.48 p/c.

Net rough diamond trade has decreased U.S. stocks by 131,352 carats worth $32.27 million. The outflow of cheaper rough diamonds is a trend that has been continuing for many months as traders are clearing their vaults. Most shipments in January were to South Africa ($8 million) and Hong Kong ($2.3 million).