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Hong Kong Polished Imports Slide

November 05, 2019

RAPAPORT... Polished-diamond imports to Hong Kong declined 24% in the third quarter, according to Rapaport calculations based on data from the Diamond Federation of Hong Kong, China. Polished imports fell 12% in the first nine months of the year, the official figures showed. 

Hong Kong Trade Data for 3Q 2019
Jul-Sep 2019Year-on-year change
Polished imports$3,975-24%
Polished exports$2,876-24%
Net polished imports$1,099 -22%
Rough imports $247-42%
Rough exports $295-48%
Net rough imports -$48Deficit decreased 68%
Net diamond account$1,051 -16%
Polished imports: volume4.4 million carats-9%
Average price of polished imports$895/carat-16%

Jan-Sep 2019Year-on-year change
Polished imports$13,098-12%
Polished exports$9,746-7%
Net polished imports$3,352 -24%
Rough imports$1,075-27%
Rough exports$1,114-47%
Net rough imports-$39.1Deficit decreased 94%
Net diamond account$3,313 -13%
Polished imports: volume13.7 million carats-9%
Average price of polished imports$955/carat-4%

All numbers in millions unless stated otherwise. Third-quarter figures are Rapaport calculations based on data from the Diamond Federation of Hong Kong, China.

Source: Diamond Federation of Hong Kong, China; Rapaport calculations

About the data: As an important consumer market and gateway to China, Hong Kong is a net importer of polished diamonds. 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. Hong Kong has no operational diamond mines but has a manufacturing sector, so it should normally ship more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is Hong Kong’s diamond trade balance, and shows the added value the city creates by importing — and ultimately consuming — diamonds.

Image: Victoria Harbour, Hong Kong. (Pixabay)

Article originally published on here

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