US polished diamond imports in June as a whole remained at the same level that emphasized the preservation of stability in the largest jewelry market with diamonds, Rapaport reports portal.
According to the latest government data, imports rose 0.3% to $ 1.72 billion. By volume, polished imports jumped by 7.2% to 790,061 carats, while the average price of stones fell by 6.4%, to $ 2171 per carat .
Polished exports, meanwhile, fell by 3%, to $ 2.59 billion, due to which net imports fell by 8.7%, to a deficit of $ 877 million.
Imports of diamonds increased by 9.5% and amounted to $ 23 million, while rough exports increased more than fourfold, to $ 50 million. as a result, net imports of diamonds was in a deficit of $ 27 million compared with a surplus of $ 9 million a year ago. The deficit of the balance of the diamond trade, calculated as the difference between total imports and exports of rough and polished diamonds, fell to $ 903.9 million compared with $ 953.2 million a year earlier.
In the first half of 2016 polished imports fell by 0.3%, to $ 12.2 billion, and its exports fell by 1.7%, to $ 9.99 billion. Net polished imports increased by 6.2%, to $ 2.21 billion. imports of diamonds has almost tripled, to $ 349.9 million, while exports increased by more than tripled, to $ 232 million, due to which net imports amounted to $ 117 million versus $ 42 million a year ago. The balance of US diamond trade for the first half increased by 9.6%, to $ 2.33 billion.
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According to statements by representatives of the diamond company DiamondCorp, early signs suggest the 2016 stabilization of prices for polished diamonds and to reduce the volume of waste diamond.
CEO of DiamondCorp Euan Worthington (Euan Worthington) said in its annual report that some diamond prices increase is a sign that the market cycle has bottomed.
In comparison with other commodity markets the diamond industry showed somewhat greater stability, but, nevertheless, turned out to be susceptible to lower prices.
Worthington said that the prices have started to decline, continued to fall and decreased in total by approximately 15% in 2015 in the last quarter of 2014.
"Until the middle of the year it seemed that prices were relatively stable, but then demand fell, and only $ 70 million worth of diamonds were sold in November at the Diamond Trading Company website, which was almost record low", - he added.
"The industry is relieved when the final site of the outgoing year, sales again reached $ 250 million The first three companies have brought her $ 540 million, $ 617 million and $ 660 million, suggesting a strengthening in demand and stabilization of the diamond supply chain." - continues to Worthington.
He noted that the fall in diamond prices was logical, because for the past few years, growth in diamond prices did not match the increase in the price of diamonds.
"The correction in prices down finally took place against the background of a number of factors, including weaker demand for jewelry, drop in lending diamond cutting industry in several major banks, as well as the inability of producers of diamonds respond to the decline in demand", - concluded Worthington.
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