HONG KONG: Imports of polished stones dropped 13 percent to $4.23 billion in the three months to March 31 as deliveries from India, Hong Kong’s largest diamond trade partner, retreated 12 percent to $1.88 billion. Shipments from the municipality’s second largest source, Israel, plummeted 18 percent to $543 million, while imports from Belgium nosedived 21 percent to $454.4 million.
The declines outweighed an 11-percent surge in imports from the U.S. and a 4.7-percent increase in shipments from the United Arab Emirates, the fourth- and fifth-largest trade partners, respectively.
By volume, polished imports dipped by 1.9 percent to 4.8 million carats as the average price per carat slid.
Hong Kong’s polished exports and re-exports fell 8 percent to $3.21 billion, mainly because of a slump in shipments to India. This meant net polished imports, or imports minus exports, dived 24 percent to $1.02 billion.
In terms of rough trading, imports fell 15 percent to $374 million and exports declined 13 percent to $465 million, driving net rough imports down 3.3 percent to negative $91 million. Hong Kong’s net diamond account for the quarter, calculated as total rough and polished imports minus total exports, was positive $924 million, 26 percent lower than $1.24 billion a year earlier.
