Hong Kong’s polished-diamond imports jumped in 2017, recent data from the municipality’s trade body showed.
Shipments into the center rose 9% to $18.93 billion in 2017, according to data from the Diamond Federation of Hong Kong, China. By volume, imports grew 3% to 19.5 million carats for the year, while the average price climbed 6% to $971 per carat.
Polished imports from India increased 14% to $8.83 billion, while those from the US also spiked 14% to $2.08 billion. Shipments from Israel dropped 7% to $1.69 billion, and those from Belgium fell 15% to $1.56 billion.
Hong Kong’s polished exports went up 5% to $13.97 billion in 2017, meaning net polished imports — the total of imports minus exports — jumped 22% to $4.96 billion. Polished exports to mainland China rose 12% to $3.15 billion.
Rough imports grew 19% to $1.6 billion, with rough exports up 70% to $3.21 billion, the data showed. Net rough imports stood at negative $1.61 billion compared with negative $538.9 million a year ago, as outbound shipments exceeded inbound trade.
Hong Kong’s net diamond account, reflecting total rough and polished imports minus total exports, slid 5% to $3.35 billion.