Hong Kong’s Polished Diamond Imports Rose 29%

Hong Kong’s diamond imports rose 29 percent year on year to $4.84 billion in the third quarter of 2011, according to data published by the Diamond Federation of Hong Kong, China. By volume, the polished imports fell 17 percent to 6.464 million carats as their average price grew 56 percent to $746.88 per carat.
Polished exports rose 18 percent to $3.34 billion and net polished imports, representing polished imports less exports, increased 62 percent to $1.49 billion.

Hong Kong’s rough imports more than doubled to $598.7 million, while rough exports increased 53 percent to $468.4 million. Net rough imports, representing imports less exports, rose to $130.3 million compared to a deficit of $41.6 million a year earlier.

Hong Kong’s net diamond account, representing total imports of polished and rough less total exports, grew 41 percent to $1.36 billion.

During the first nine months of the year, Hong Kong’s polished imports rose 33 percent to $13.32 billion driven by strong growth in imports from all its main trading partners. Imports from India rose 25 percent to $6.4 billion, while from Israel they increased by 69 percent to $1.86 billion and from Belgium by 35 percent to $1.46 billion. Imports from the U.S. grew 14 percent to $1.47 billion and from the United Arab Emirates (UAE) they rose 53 percent to $675.4 million.

Polished exports grew 35 percent to $9.87 billion in the nine months as net polished imports rose 27 percent to $3.45 billion.

Rough imports jumped 89 percent to $1.57 billion and rough exports rose 51 percent to $1.26 billion. Net rough imports rose to $312 million compared to negative $1.4 million in the same period a year earlier. Hong Kong’s net diamond account for January to September increased 16 percent to $3.14 billion.

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