US polished-diamond imports more than doubled year on year to $1.74 billion in March, reaching their highest level since May 2019, according to recent government data. The improvement partly reflects a favorable comparison with the onset of the coronavirus crisis a year earlier.

US Trade Data for March 2021

                                  March 2021     Year-on-year change  

Polished imports             $1.74B                      101%

Polished exports             $1.23B                     49%

Net polished imports     $506M                     1163%

Rough imports             $15M                             33%

Rough exports             $17M                             14%

Net rough imports     -$2M                 Deficit decreased 42%

Net diamond account      $504M                     1287%

Polished imports: volume 940,530 carats     107%

Average price of polished imports $1,845/carat -3%

                          January-March 2021 Year-on-year change  

Polished imports             $4.51B                          21%

Polished exports             $3.35B                         -3%

Net polished imports     $1.16B                          330%

Rough imports             $60M                                 9%

Rough exports             $55M                             -24%

Net rough imports     $5M                     2020: Deficit of $17M

Net diamond account    $1.17B                                 360%

Polished imports: volume 2.4 million carats         26%

Average price of polished imports $1,866/carat -4%

Source: US Commerce Department data; Rapaport archives.

The US, the world’s largest diamond retail market, is a net importer of polished. As such, net polished imports — representing polished imports minus polished exports — will usually be a positive number. Net rough imports — calculated as rough imports minus rough exports — will also generally be in surplus. The nation has no operational diamond mines but has a manufacturing sector, so it normally ships more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is the US’s diamond trade balance, and shows the added value the nation creates by importing — and ultimately consuming — diamonds.